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POWER: End of Day Power Summary: FR-DE March Discount at Lowest This Week

POWER
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The French-German March power contract discount has narrowed to its lowest since this week at €17.49/MWh at the time of writing as losses in TTF and emissions have weighed down both contracts.

  • Nordic Base Power MAR 25 down 1.8% at 38.6 EUR/MWh
  • France Base Power MAR 25 down 5.6% at 70 EUR/MWh
  • Germany Base Power MAR 25 down 4.8% at 87.5 EUR/MWh
  • EUA DEC 25 down 2.8% at 73.59 EUR/MT
  • TTF Gas MAR 25 down 3.9% at 47.275 EUR/MWh
  • Rotterdam Coal MAR 25 down 0.5% at 99 USD/MT
  • TTF has reversed earlier gains and is down on the day with bearish pressure from efforts to secure peace in Ukraine outweighing yesterday’s reports that the EU will not seek to relax gas storage targets until after 2025 in its upcoming Clean Industrial Deal.
  • EU ETS December 2025 allowances have remained for most of the trading session today amid warmer temperatures in NW Europe and as wind speed will be mostly in line with the seasonal average. Losses in TTF from 14:00 GMT are also weighing.
  • The UKA ICE auction cleared lower at £41.25/ton CO2e, compared with £44.5/ton CO2e in the previous auction on 5 February.
  • EU emissions from consumption reached 4.77bn in 2022, up by 4% on the year, while production emissions fell by 1% on the year to 3.61 bn/t.
  • The EC plans to set up a pilot funding scheme this year using existing EU ETS revenues to aid industrial decarbonisation.
  • The European Investment Bank (EIB) invested a new record amount of over €7.2bn in green projects in Spain in 2024.
  • Spanish hydropower reserves last week - calendar week 7 – declined for the second consecutive week to 58% of capacity, narrowing the surplus to the five-year average.
  • Nordic hydropower reserves fell at their fastest pace this year to reach just above 60% of capacity to be at 60.6%, or 76.98TWh at the end of week 7. Stocks were pressured amid stronger demand and lower precipitation in the region. Reserves could slow their pace of decline this week amid warming temperatures and higher hydro balances.
  • Italian hydropower reserves last week – calendar week 7 – slowed the pace of their decline – dropping by 0.08TWh to 2.37TWh to be slightly above the five-year average.
  • RWE has pushed back against UK government proposals to allow offshore wind projects without planning consent to enter CfD auctions, warning that the move could disadvantage more advanced projects and disrupt the country’s 2030 clean power targets.
  • Greece could be revising its offshore wind strategy and pause plans for over 20 floating wind farms to await cost reductions and more favourable market condition.
  • Romania is set to join the Association of Issuing Bodies (AIB) by 1 June 2026, marking a step toward integrating into the European Guarantees of Origin (GOO) system.

 

 

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The French-German March power contract discount has narrowed to its lowest since this week at €17.49/MWh at the time of writing as losses in TTF and emissions have weighed down both contracts.

  • Nordic Base Power MAR 25 down 1.8% at 38.6 EUR/MWh
  • France Base Power MAR 25 down 5.6% at 70 EUR/MWh
  • Germany Base Power MAR 25 down 4.8% at 87.5 EUR/MWh
  • EUA DEC 25 down 2.8% at 73.59 EUR/MT
  • TTF Gas MAR 25 down 3.9% at 47.275 EUR/MWh
  • Rotterdam Coal MAR 25 down 0.5% at 99 USD/MT
  • TTF has reversed earlier gains and is down on the day with bearish pressure from efforts to secure peace in Ukraine outweighing yesterday’s reports that the EU will not seek to relax gas storage targets until after 2025 in its upcoming Clean Industrial Deal.
  • EU ETS December 2025 allowances have remained for most of the trading session today amid warmer temperatures in NW Europe and as wind speed will be mostly in line with the seasonal average. Losses in TTF from 14:00 GMT are also weighing.
  • The UKA ICE auction cleared lower at £41.25/ton CO2e, compared with £44.5/ton CO2e in the previous auction on 5 February.
  • EU emissions from consumption reached 4.77bn in 2022, up by 4% on the year, while production emissions fell by 1% on the year to 3.61 bn/t.
  • The EC plans to set up a pilot funding scheme this year using existing EU ETS revenues to aid industrial decarbonisation.
  • The European Investment Bank (EIB) invested a new record amount of over €7.2bn in green projects in Spain in 2024.
  • Spanish hydropower reserves last week - calendar week 7 – declined for the second consecutive week to 58% of capacity, narrowing the surplus to the five-year average.
  • Nordic hydropower reserves fell at their fastest pace this year to reach just above 60% of capacity to be at 60.6%, or 76.98TWh at the end of week 7. Stocks were pressured amid stronger demand and lower precipitation in the region. Reserves could slow their pace of decline this week amid warming temperatures and higher hydro balances.
  • Italian hydropower reserves last week – calendar week 7 – slowed the pace of their decline – dropping by 0.08TWh to 2.37TWh to be slightly above the five-year average.
  • RWE has pushed back against UK government proposals to allow offshore wind projects without planning consent to enter CfD auctions, warning that the move could disadvantage more advanced projects and disrupt the country’s 2030 clean power targets.
  • Greece could be revising its offshore wind strategy and pause plans for over 20 floating wind farms to await cost reductions and more favourable market condition.
  • Romania is set to join the Association of Issuing Bodies (AIB) by 1 June 2026, marking a step toward integrating into the European Guarantees of Origin (GOO) system.