End of Day Power Summary: French, German Aug on Track for Multi-Session High

The French and German August baseload power contracts remained up towards the end of the session, after having flipped after midday, supported by TTF prices with EU ETS costs adding additional upward pressure. The French front-month is set to end at its highest level since 2 July, while Germany is reaching a four-session peak.

• France Base Power AUG 24 up 2.3% at 45.6 EUR/MWh
  
• Germany Base Power AUG 24 up 1.6% at 71.1 EUR/MWh
• EUA DEC 24 up 1.6% at 69.47 EUR/MT
• TTF Gas AUG 24 up 2% at 31.72 EUR/MWh
• Rotterdam Coal AUG 24 up 1.8% at 104.65 USD/MT
• TTF has extended gains today, despite no clear drivers and a lack of clarity on the return of Freeport LNG. Front-month is down around 3.8% on the week.
• EU ETS Dec 24 has extended gains from yesterday to move up to the highest since 5 July close as gains in coal and gas continue to add support.
• The latest weekly German EUA CAP3 auction cleared lower at €67.06/ton CO2e, compared with €68.68/ton CO2e in the previous auction held on 5 July according to EEX.
• The latest ECMWF weather forecast for France from 13-21 July points to max temperatures between 23-30.5C over the period – with temperatures anticipated to be above 25C for much of the forecast.
• French utility EdF will curtail its 880MW Bugey 4 nuclear reactor over 12-15 July to just 10MW, it said.
• In contrast, max temperatures in Germany are expected between 22-30.1C over the same period- only dropping below 25C over 13-14 July.
• A consortium of Eneco, Ocean Winds and Otary will jointly compete for Belgium’s PEZ offshore wind tender, allowing up to 3.5GW of wind capacity to be developed, according to the firms, cited by Renews.biz.
• Changes in Italian grid regulation could allow for up to 10GW of additional solar capacity by 2030 owing to the installation of PV units near wind projects, according to industry sources, cited by Montel.
• Albania has selected 9 bidders in a 300MW solar tender, with 283.9MW going at an average price of €0.0513/kWh, with the lowest bid recorded at €0.0397/kWh, the government said, cited by PV magazine.
• Poland’s TSO PSE has been permitted to build a power link in northwestern Poland that will enable the transmission of offshore wind power into the country, according to ISB News.
• The 834MW Jaworzno 2 B7 coal plant will undergo planned works on 13-16 July due to minor repairs, remit data showed.
• The European Union of Energy Regulators ACER is urging European bodies to accelerate the deployment of more intermittent renewables and make the power sector more efficient, it said.