End of Day Power Summary: CWE, Nordics Fall

The German and French front-month power baseload contracts continued to trade in negative territory as TTF and EU ETS prices have flipped red in a very choppy trading session. The Nordic July has taken direction from the surrounding European power markets, with the return of a nuclear unit adding additional weight.

• Germany Base Pwr JUL 24 down 1.8% at 75 EUR/MWh
  
• France Base Pwr JUL 24 down 6.1% at 43.05 EUR/MWh
• Nordic Base Pwr JUL 24 down 7.1% at 32.5 EUR/MWh
• TTF Gas JUL 24 down 0.3% at 34.15 EUR/MWh
• Rotterdam Coal JUN 24 down 0.5% at 109 USD/MT
• EUA DEC 24 down 0.6% at 70.41 EUR/MT
• TTF front month has reversed earlier gains to trade down on the day in a choppy session, as the market weighs supply disruptions amid an outage at Chevron’s Wheatstone gas facility in Australia with concern for competition for LNG supplies from Asia. High gas storage levels and sufficient supplies are limiting the upside.
• Swedish firm Vattenfall’s 1.17GW Forsmark unit 3 is connected to the grid and is anticipated to begin powering up on Tuesday afternoon, with full power reached on the morning of the 14 June, latest Remit data show.
• The 890MW Olkiluoto 1 and 1.07GW Ringhals unit 3 are still expected to return on 16-29 June, respectively.
• Switzerland’s hydropower reserves last week increased weekly gains for another week by 6.3 percentage points, up from 4.4 points the week prior, to 35.6% of capacity, BFE data showed.
• Spanish hydropower reserves dipped again to 64.7% of capacity last week (week 23), after dropping to 65.7% of capacity in week 22 as power demand increased in the region, prompting an increase in hydro output, according to data from Spain’s Environmental Ministry.
• Spanish firm Repsol has entered into a 230MW 12-year virtual power purchase agreement (VPPA) with tech firm Microsoft for output from solar and wind farms in Spain, the firm said, cited by Renews.biz.
• European onshore additions are expected to rebound to 17 GW/yr in 2025, after dipping this year, with yearly additions reaching around 22 GW/yr between 2027-30, according to BloombergNEF.
• UK power system operator National Grid plans to expand its Demand Flexibility Service (DFS) – used to control demand and supply of power - to be used over the entire year instead of just winter, as excess generation during the 2024-25 winter is anticipated to be higher on the year.
• The UK’s Conservative party promised to boost the country’s nuclear power generation in order to ensure security of supply, the party said in its manifesto.