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POWER: End of Day Power Summary: FR-DE Discount Widens to Highest Since 11 Dec

POWER
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 French-German January power contract discount has widened to its highest since 11 December towards the end of the session, with gains in France almost at parity to Germany amid forecasts for higher French power consumption compared to the latter. The contracts have been supported by TTF and emission, with cooler temperatures and low wind for most of this week adding upward pressure.

  • France Base Power JAN 25 up 3.6% at 99.4 EUR/MWh
  • Germany Base Power JAN 25 up 3.7% at 114.7 EUR/MWh
  • EUA DEC 25 up 2% at 69.55 EUR/MT
  • TTF Gas JAN 25 up 2.9% at 45.43 EUR/MWh
  • Rotterdam Coal JAN 25 up 1.5% at 109.15 USD/MT
  • TTF has extended gains towards the end of Monday, supported by the expected end of Ukraine’s gas transit, cooler weather forecasts, and continued storage withdrawals. European gas demand is set to align with seasonal norms for the end of December, with no major disruptions expected to the winter supply-demand balance.
  • EU ETS December 2025 allowances are still in the green, supported by higher EU gas prices and limited wind generation this week, with increases in European coal adding further upward pressure.
  • Spain has extended a temporary windfall tax on energy companies into 2025, with the law set to take effect on 1 January, albeit it still requires parliamentary approval within 30 days.
  • EdF has extended the outage of its 1.5GW Chooz 2 nuke to 26 December from 25 December.
  • EdF has extended the outage at its 910MW Blayais 3 nuke to 24 December from 23 December.
  • Novo Holdings and European Energy will upgrade 17 wind parks in Germany, with plans to more than triple the combined capacity from 151.9MW to over 500MW.
  • Vestas has secured four new wind turbine orders, totalling 151MW in capacity, with the projects located in Poland, Denmark, Italy, and Portugal and are scheduled for commissioning between late 2025-26.
  • Poland’s Jan 25 power contract climbed sharply on 23 Dec from the previous session to reach its highest since 6 Dec as large gains in European emissions and coal supported the contract. Temperatures in Warsaw are still anticipated to be above the season average through 6-10 Day ECMWF forecasts, albeit, slowing declining from 27 Dec peak.
  • Poland’s RES auctions sold 16TWh of electricity for PLN 5.1bn (€1.2bn) in 2024, with PV installations dominating the winning bids owing to 198 PV offers and just 2 for wind
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 French-German January power contract discount has widened to its highest since 11 December towards the end of the session, with gains in France almost at parity to Germany amid forecasts for higher French power consumption compared to the latter. The contracts have been supported by TTF and emission, with cooler temperatures and low wind for most of this week adding upward pressure.

  • France Base Power JAN 25 up 3.6% at 99.4 EUR/MWh
  • Germany Base Power JAN 25 up 3.7% at 114.7 EUR/MWh
  • EUA DEC 25 up 2% at 69.55 EUR/MT
  • TTF Gas JAN 25 up 2.9% at 45.43 EUR/MWh
  • Rotterdam Coal JAN 25 up 1.5% at 109.15 USD/MT
  • TTF has extended gains towards the end of Monday, supported by the expected end of Ukraine’s gas transit, cooler weather forecasts, and continued storage withdrawals. European gas demand is set to align with seasonal norms for the end of December, with no major disruptions expected to the winter supply-demand balance.
  • EU ETS December 2025 allowances are still in the green, supported by higher EU gas prices and limited wind generation this week, with increases in European coal adding further upward pressure.
  • Spain has extended a temporary windfall tax on energy companies into 2025, with the law set to take effect on 1 January, albeit it still requires parliamentary approval within 30 days.
  • EdF has extended the outage of its 1.5GW Chooz 2 nuke to 26 December from 25 December.
  • EdF has extended the outage at its 910MW Blayais 3 nuke to 24 December from 23 December.
  • Novo Holdings and European Energy will upgrade 17 wind parks in Germany, with plans to more than triple the combined capacity from 151.9MW to over 500MW.
  • Vestas has secured four new wind turbine orders, totalling 151MW in capacity, with the projects located in Poland, Denmark, Italy, and Portugal and are scheduled for commissioning between late 2025-26.
  • Poland’s Jan 25 power contract climbed sharply on 23 Dec from the previous session to reach its highest since 6 Dec as large gains in European emissions and coal supported the contract. Temperatures in Warsaw are still anticipated to be above the season average through 6-10 Day ECMWF forecasts, albeit, slowing declining from 27 Dec peak.
  • Poland’s RES auctions sold 16TWh of electricity for PLN 5.1bn (€1.2bn) in 2024, with PV installations dominating the winning bids owing to 198 PV offers and just 2 for wind