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POWER: End of Day Power Summary: CWE Power Holds Onto Gains

POWER
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CWE power futures are holding onto gains towards the end of the session amid rises in the European energy complex, with temperatures in NW Europe revised down from the previous session and set to begin cooling from 2 January. Spot prices, specifically in Germany could be weighed down over 30 Dec- 3 January as forecasts point to wind load factors between 27-64%, with France between 8-60% over the same period.

  • Nordic Base Power JAN 25 up 4.5% at 51.95 EUR/MWh
  • France Base Power JAN 25 up 5.6% at 105.5 EUR/MWh
  • Germany Base Power JAN 25 up 4.6% at 120.15 EUR/MWh
  • EUA DEC 25 up 3.2% at 71.71 EUR/MT
  • TTF Gas JAN 25 up 4% at 47.55 EUR/MWh
  • Rotterdam Coal JAN 25 up 2.6% at 112.45 USD/MT
  • European gas gained momentum on Friday as the Ukraine gas transit looks set to end, given further support by Putin comments.
  • EU ETS Dec25 is also holding onto gains, reflecting price rise in EU gas and coal – bolstered by predictions of cooling temperatures in Northwest Europe. However, strong wind next week is capping gains.
  • French hydropower reserves last week – calendar week 51 – increased by 0.2 percentage points to 71% of capacity to end their eight-week downward trend, while narrowing the surplus to the five-year average.
  • EdF has extended the outage at its 910MW Blayais 3 nuke to 28 December 16:00 CET from 27 December 23:00 CET.
  • Engie and EDPR JV, Ocean Winds has been awarded a 250MW floating offshore wind project in the French Mediterranean Sea by the French Ministry of Industry and Energy.
  • Nordic hydropower reserves continued downward for the sixth week in a row to be at 78.5% capacity, 99.68TWh by the end of week 51, although, stocks widened their surplus to the same week in 2023 to a fresh 2024 high. Reservoirs slowed their fall amid higher precipitation in the region on the week, while demand remained relatively firm.
  • - Italian hydropower reserves last week – calendar week 51 – increased by 0.01TWh to 3.02TWh to end their nine-week downward trend, with stocks flipping above the five-year average. The increase was due to lower demand on the week, with higher wind generation reducing the call for hydro output.
  • Spanish hydropower reserves last week - calendar week 51 –  edged up to 51.5% of capacity as wind generation increased, demand fell and nuclear generation picked up.
  • Poland’s Jan 25 and week ahead failed to continue climbing from the previous session to resist gains in European coal and emissions as mean temperatures in Warsaw are still set to be way above norm until 4 January and strong wind in Poland is expected next week.
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CWE power futures are holding onto gains towards the end of the session amid rises in the European energy complex, with temperatures in NW Europe revised down from the previous session and set to begin cooling from 2 January. Spot prices, specifically in Germany could be weighed down over 30 Dec- 3 January as forecasts point to wind load factors between 27-64%, with France between 8-60% over the same period.

  • Nordic Base Power JAN 25 up 4.5% at 51.95 EUR/MWh
  • France Base Power JAN 25 up 5.6% at 105.5 EUR/MWh
  • Germany Base Power JAN 25 up 4.6% at 120.15 EUR/MWh
  • EUA DEC 25 up 3.2% at 71.71 EUR/MT
  • TTF Gas JAN 25 up 4% at 47.55 EUR/MWh
  • Rotterdam Coal JAN 25 up 2.6% at 112.45 USD/MT
  • European gas gained momentum on Friday as the Ukraine gas transit looks set to end, given further support by Putin comments.
  • EU ETS Dec25 is also holding onto gains, reflecting price rise in EU gas and coal – bolstered by predictions of cooling temperatures in Northwest Europe. However, strong wind next week is capping gains.
  • French hydropower reserves last week – calendar week 51 – increased by 0.2 percentage points to 71% of capacity to end their eight-week downward trend, while narrowing the surplus to the five-year average.
  • EdF has extended the outage at its 910MW Blayais 3 nuke to 28 December 16:00 CET from 27 December 23:00 CET.
  • Engie and EDPR JV, Ocean Winds has been awarded a 250MW floating offshore wind project in the French Mediterranean Sea by the French Ministry of Industry and Energy.
  • Nordic hydropower reserves continued downward for the sixth week in a row to be at 78.5% capacity, 99.68TWh by the end of week 51, although, stocks widened their surplus to the same week in 2023 to a fresh 2024 high. Reservoirs slowed their fall amid higher precipitation in the region on the week, while demand remained relatively firm.
  • - Italian hydropower reserves last week – calendar week 51 – increased by 0.01TWh to 3.02TWh to end their nine-week downward trend, with stocks flipping above the five-year average. The increase was due to lower demand on the week, with higher wind generation reducing the call for hydro output.
  • Spanish hydropower reserves last week - calendar week 51 –  edged up to 51.5% of capacity as wind generation increased, demand fell and nuclear generation picked up.
  • Poland’s Jan 25 and week ahead failed to continue climbing from the previous session to resist gains in European coal and emissions as mean temperatures in Warsaw are still set to be way above norm until 4 January and strong wind in Poland is expected next week.