End of Day Power Summary: CWE, Nordics Remains in Positive Territory

Most CWE front-month baseload power contracts remained up on the day towards the end of Monday’s session to track price increases in the energy complex, with the Nordics lifted by its European neighbours and an unplanned nuclear outage adding additional support.

• Germany Base Pwr M1 up 5.91% at €84.10/MWh.
• Nordic Base Pwr M1 closed up 7.46% at €36/MWh.
• French Base Pwr M1 down 3.01% at €43.25/MWh.
• TTF Gas M1 up 5.48% at €36.10/MWh.
• Rotterdam Coal JUL 24 up 1.4% at 123.15 USD/MT
• EUA DEC 24 up 0.8% at 74.69 EUR/MT – tracking price increase in gas and coal.
• France's July power base load reversed earlier gains to trade down on the day, shrugging off sharp gains in European gas prices, amid high nuclear availability, high hydropower stocks and limited demand for electric cooling.
  
• Germany’s EnBW has reduced output at hydropower facilities due to flooding in parts of Germany, the utility said, cited by Bloomberg.
• A panel of government climate advisors said on Monday that Germany is likely to miss its 2030 greenhouse gas emissions targets as sectors such as transport have been struggling to meet their targets according to Reuters.
• Finland’s 1.6GW Olkiluoto 3 nuclear is scheduled to be offline until Tuesday morning after a turbine failure was reported on Monday morning, Gassco remit data showed. The issue is currently being investigated, operator TVO said via X.
• Fingrid has started up backup power plants to maintain the electricity balance following the outage at the Olkiluoto 3 nuclear reactor, it said in a statement.
• Fingrid will also increase the capacity of its 180MW Huutokoski gas-fired reserve plant to 258MW with works completed in 2026, the TSO said today.
• Renewable developer Skyborn Renewables has applied to the Swedish government to build its 3GW Polargrund offshore wind farm in Sweden’s economic zone, the firm said today.
• Portugal could be the first of many EU countries to slash its 2030 climate targets due to delays and economic troubles, according to industry experts, cited by Montel.
• The UK's solar capacity reached 15.9GW at the end of May, with additions over January-May 2024 totalling 190MW, down from 330MW added over the same period last year, according to UK’s Department of Energy, cited by PV magazine.
• The positive effect of the European Carbon Border Adjustment Mechanism is likely to be a lot more limited for the environment, while it could deter the competitiveness of European industries according to analysis by the think tank Sandbag.
• Uniper and Poland’s WAP Energia have entered a partnership to develop six onshore wind projects with a capacity of up to 600MW in Poland, Uniper said.