End of Day Power Summary: CWE, Nordics Remain in Green Territory

The German and French front-month power baseload contracts have remained in positive territory, after having flipped earlier in the afternoon, amid price increases in European gas, while EU ETS prices have recouped most of their losses. The Nordic equivalent is following a similar trend, with an unplanned Swedish nuclear outage adding additional support.

• Germany Base Pwr JUL 24 up 3.1% at 76.93 EUR/MWh.
  
• France Base Pwr JUL 24 up 3.3% at 46.50 EUR/MWh.
• TTF Gas JUL 24 up 4.2% at 34.50 EUR/MWh
• Rotterdam Coal JUL 24 up 0.5% at 111.15 USD/MT
• EUA DEC 24 down 0.7% at 70.9 EUR/MT
• Swedish firm Vattenfall’s 1.17GW Forsmark unit 3 unexpectedly disconnected from the grid at 10:40CET today, with the unit anticipated to be back online on 11 June, although the exact duration is unknown, latest Remit data show.
• Regionally, average temperatures in Helsinki are expected to be between 13.5-15C over 11-15 June, with temperatures in Oslo between 10.7-13.4C. Compared to the Nordic 30-year norm of 14C.
• The TTF front month has rallied back to its highest level since 4 June, with increased competition from Asia for LNG cargoes likely to be constructive for European prices.
• Germany must maintain its monthly pace of installing around 1 GW/month of PV over the next seven years to meet its 215GW target by 2030, with solar capture rates likely to continue decreasing, according to energy analyst at the Albanian Energy Ministry, Julien Jomaux, said via LinkedIn.
• The Piossasco-Grande Ile interconnector between France and Italy had an unplanned outage on Sunday and is scheduled to be operating at reduced capacity during most hours in both directions until 12 June, RTE data showed.
• Italy’s total renewable installed capacity is anticipated to reach 162.7GW by 2035, with the share of renewables in its power mix climbing to 69% as Italy reduces its dependency on Russian natural gas, according to a study by GlobalData.
• Spanish power demand has recovered this year from the EU energy crisis in 2022, with demand anticipated to continue upward as industrial consumption was supported by lower power prices, according to analysts, cited by Montel.
• A stronger right-wing European Parliament would be unlikely to backtrack on existing legislations but could dampen future climate-friendly efforts and policies, analysts and politicians said.
• European coal prices are extending recent losses with API 2 coal July futures at the lowest since 15 May amid seasonally low demand and high renewables output.