End of Day Power Summary: France-German Sept Discount Narrows

The France-Germany September power base-load discount has narrowed to the lowest since 5 August as the contracts have diverged, with Germany tracking losses in EU ETS and European gas, while France has been supported by heat-related nuclear curtailments and forecasts for temperatures to be above seasonal norms.

• France Base Power SEP 24 up 1.9% at 63 EUR/MWh
  
• Germany Base Power SEP 24 down 1.4% at 89.8 EUR/MWh
• EUA DEC 24 down 1.8% at 71.36 EUR/MT
• TTF Gas SEP 24 down 1.3% at 39.145 EUR/MWh
• Rotterdam Coal SEP 24 down 1.9% at 122 USD/MT
• The equivalent TTF contract has had a choppy session, with losses easing in the mid-day session to then flip back into negative territory towards the end of the day as market participants continue to weigh supply risks from Ukraine and Middle East conflicts against unchanged fundamentals.
• EU ETS Dec24 is tracking losses in the wider energy complex, with the latest EU ETS CAP3 EU auction also clearing lower at €70.82/ton CO2e, down from €71.15/ton CO2e in the previous auction according to EEX – possibly adding additional weight.
• Allocated capacity on the Jao monthly CBC auction for delivery in September in the French-Italian direction dropped to its lowest since June amid French TSO warning of curtailments of power exports from August until mid-October in late July.
• The 3.58GW Bugey nuclear complex may reduce output until 21 August, with one unit in must run at a minimum of 180MW due to grid constraints until 21 August due to forecasts for high temperatures in the Rhone river, remit data showed.
• The UK has begun the second phase of its offshore wind leasing round for development in the Celtic Sea, with the final phase expected in 1H25, the government said, cited by Renews.biz.
• Axpo’s 365MW Beznau 1 nuclear reactor was returned to the grid on Tuesday from an unplanned outage on Monday, remit data showed.
• Norway needs to accelerate and expand its onshore wind expansion to avoid shortfalls in power supplies in the next years, Eidvisa CEO Henning Olsen said, cited by Montel.