End of Day Power Summary: CWE Rebounds

CWE power futures have rebounded today after Monday’s plunge supported by gains in European carbon allowances and natural gas prices with escalating Middle East risks.

• France Base Power SEP 24 up 1.3% at 59.51 EUR/MWh
• Germany Base Power SEP 24 up 3% at 86.67 EUR/MWh
• EUA DEC 24 up 1.7% at 69.9 EUR/MT
• TTF Gas SEP 24 up 3.3% at 36.685 EUR/MWh
• Rotterdam Coal SEP 24 up 1.6% at 121.5 USD/MT
• TTF front month is holding onto gains today supported by a recovery in wider market risk sentiment and with escalating Middle East risks. "US beginning to see some Iranian preparations for a potential military response to Israel, according to two US officials familiar with the intelligence.
• EU ETS Dec24 has been holding onto gains today with higher natural gas prices, weather forecasts suggesting temperatures above the 30-year normal for the next ten days and German June factory orders surprising to the upside rising for the first time this year.
• The latest EU ETS CAP3 EU auction cleared at €68.65/ton CO2e, up from €67.02/ton CO2e in the previous auction, according to EEX.
• Coal inventories at the four ARA terminals this week rose to 4.91mn tons, the highest in eleven weeks, Montel data showed.
• Prices for European carbon allowances and natural gas have decoupled amid changing market dynamics, Goldman Sachs’s Michele Della Vigna said, cited by Bloomberg.
• EdF’s 890MW Dampierre 1 nuclear reactor must save fuel equal to 39 days of fuel load operation for the next refuelling maintenance planned on 28 June 2025, remit data showed.
• RWE has signed a seven-year PPA for the supply of up to 64GWh/yr of renewable energy with steelmaker Salzgitter Group, the utility said.
• Shell is planning to trade electricity from a battery project in Hampshire, England, for seven years, following an agreement, the firm told Bloomberg.
• Spain’s hydropower reserves continued to decline to 55.4% of capacity as of the end of calendar week 31, down from 57.2% the week prior amid low precipitation and higher power demand.
• Spain has added 413MW of new rooftop solar PV capacity in 2Q 2024, up by 41% on the quarter.