End of Day Power Summary: France Steepens Losses, Germany Flips Red

The French front-month power base-load contract has recorded steeper losses towards the end of Monday's session, weighed on by forecasts for cooler weather - reducing cooling demand expectations. Germany has flipped into negative territory to follow losses in gas and as EU ETS has given back some of its gain seen in the morning session.

• France Base Power AUG 24 down 9.4% at 46.95 EUR/MWh
  
• Germany Base Power AUG 24 down 1.5% at 75.55 EUR/MWh
• EUA DEC 24 up 0.9% at 68.1 EUR/MT
• TTF Gas AUG 24 down 2.9% at 33.48 EUR/MWh
• Rotterdam Coal AUG 24 down 1.1% at 105.9 USD/MT
• The latest 6-10 day ECMWF weather forecast for Paris suggested temperatures are forecast to be below normal until 4 July, broadly in line with the seasonal norm on 4-7 July, and rising back up above normal for the remainder of the forecast period.
• French EdF will extend its outage at its 915MW Tricastin 4 nuclear reactor by 3 days, with the unit now back online on 5 July.
• EU ETS Dec24 has given up some gains in the afternoon trading hours, amid political uncertainties after the first round of the French snap election, and further decoupling from moves in TTF gas prices. Carbon allowances also shrugged off the latest NW European manufacturing displaying fresh signs of weakness.
• Only four EU countries have submitted their final national energy and climate plans (NECP) by the 30 June deadline – opening the door for the European Commission to start infringement proceedings, according to Montel.
• PV generation in Spain accounted for 22.2% of its total domestic power output in June – leading output for the second consecutive month – with wind and nuclear each making up 20.5%, according to preliminary data from REE, cited by PV Magazine.
• Companies Equinor and Polenergia have signed reservation agreements and preliminary works for parts needed for their 720MW Baltyk II and 720MW Baltyk III wind farms, with final agreements for the projects planned for the end of August, Polenergia said, cited by ISB News.