End of Day Power Summary: France M1 Shrugs Off Gains in the Energy Complex

The French June 2024 power base-load contract has remained slightly up on the day, shrugging off large upward price movements in the energy complex amid a rise in nuclear availability from Monday, with several nuclear units expected to return in June. The German M1 contract reached a monthly high, tracking price increases in European gas and EU ETS.

• France June 24 up 0.33% at €40.09/MWh- the contract traded as low €38.46/MWh and as high as €41.35/MWh during the trading session.
  
• German June 24 up 4.74% at €74.51/MWh.
• EU ETS Dec 24 up 2.40% at €76/t CO2e.
• TTF Gas June 24 up 3.70% at €32.945/MWh.
• Rotterdam Coal June 24 unchanged at $113/t
• France’s nuclear reactors were operating at 72% of full capacity on Tuesday, up from 70% on Monday, according to Bloomberg calculations.
• EdF’s 1.5GW Chooz 2 nuclear power plant is expected to return to the grid on 12 June. The 1.33GW Paulel 2 nuclear plant will also come back on line 10. June
• And the 1.33GW Flamanville 2 will return on 18 June, latest Remit data show.
• The latest one-week forecast suggested low wind output in Germany from later this week but upside is limited as solar PV output is forecast to remain high.
• German fossil-fuel output for power generation is recovering today to the highest since 17-18 May, after high renewables output and low demand have weighed on fossil-fuel output in the past days, Entso-E data showed.
• Europe is expected to see its first hot spell of the summer next week which is likely to spur some electric demand for cooling, according to Weather Services International.
• The EU has adopted a new reform on the EU electricity market, aiming to promote PPAs, contracts for difference (CfDs) mechanism, market stability and consumer protection, according to the EU.
• Latest prices on the CBC auction for delivery in June on JAO on the Swiss-Austrian border flipped to a premium compared to the previous month, data from JAO show.
• The latest Jao monthly June CBC auction between Switzerland and Germany allocated all the offered capacity, while pricing flipped on the month according to Jao.
• Switzerland allocated 251MW of capacity in the direction of France in the monthly Jao CBC June auction and in line with current exchange pricing after no capacity was allocated for May delivery, data from Jao showed.
• European power purchased agreements closed higher for the third consecutive time on 20 May, inching up by €0.83/MWh from 17 May, according to latest data from energy pricing firm Pexapark.
• The UK government announced to not carry over the 15% emissions surplus from the third carbon budget in order to achieve the country’s net zero target in 2050, the government said on Tuesday.