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POWER: End of Day Power Summary: French-German Discount widens by 1.5% On Week

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French-German January power contract discount has widened by 1.5% on the week amid the French front month being up by around 9.3% on the week, with Germany climbing 8.2% higher. Both contracts have been supported by similar price moves in TTF and emissions. Lower temps and wind in NW Europe next week also supported the contracts, with demand in France anticipated to be higher than in Germany.

  • France Base Power JAN 25 up 3.4% at 95.25 EUR/MWh
  • Germany Base Power JAN 25 up 4.1% at 110.2 EUR/MWh
  • EUA DEC 25 up 0.1% at 67.7 EUR/MT
  • TTF Gas JAN 25 up 1.6% at 43.755 EUR/MWh
  • Rotterdam Coal JAN 25 up 0.3% at 107.3 USD/MT
  • TTF eyes weekly gains of around 6.2% as cooler weather and storage concerns boost prices. While U.S. LNG exports dipped and the unlikely continuation of gas transit via Ukraine beyond 2024. However, Norway's gas output rose to 360 mcm/d in November from the previous month – 3% above forecasts.
  • EU ETS December 2025 allowances are still in the green, supported by higher EU gas prices and limited wind generation next week – likely spurring up the need for thermal output. The contract is up by around 2% on the week.
  • Spain has submitted its fifth payment request under the EU's Recovery and Resilience Facility, seeking up to €22.1bn in funding aimed at increasing renewable capacity, enhanced energy efficiency, and decarbonisation measures for buildings and agriculture.
  • Akuo and MEAG have successfully closed financing for the 147MW Margalha solar power plant in Portugal, with the project already under construction.
  • ERG and Duferco Energia have signed a 5-year pay-as-produced PPA for the supply of around 100GWh/yr of renewable energy.
  • The 1.44GW NordLink power cable between Germany-Norway (NO2) will now be restricted to 1.12GW until 12 January 2025 from 7 January.
  • Germany's Federal Maritime and Hydrographic Agency has approved Vattenfall's 1GW Nordlicht 1 offshore wind farm, with commissioning expected by the end of 2027.
  • EdF has halted its Cattenom 4, Chooz 2 and Bugey 5 nuclear power plants over 21-23 December for modulation.
  • The 755MW Keadby 1 gas-fired power plant planned outage has been extended to 21 December 23:59 UTC from 20 December 21:00 UTC.
  • Poland’s Jan 25 power contract remained relatively flat on the day amid small gains in European coal and emissions. The contract settled down by around 2.87% on the week, after having fallen by around 2.1% the week before. Looking ahead, spot prices are likely to be supported on the week amid low wind anticipated for most days over 23-27 Dec.
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French-German January power contract discount has widened by 1.5% on the week amid the French front month being up by around 9.3% on the week, with Germany climbing 8.2% higher. Both contracts have been supported by similar price moves in TTF and emissions. Lower temps and wind in NW Europe next week also supported the contracts, with demand in France anticipated to be higher than in Germany.

  • France Base Power JAN 25 up 3.4% at 95.25 EUR/MWh
  • Germany Base Power JAN 25 up 4.1% at 110.2 EUR/MWh
  • EUA DEC 25 up 0.1% at 67.7 EUR/MT
  • TTF Gas JAN 25 up 1.6% at 43.755 EUR/MWh
  • Rotterdam Coal JAN 25 up 0.3% at 107.3 USD/MT
  • TTF eyes weekly gains of around 6.2% as cooler weather and storage concerns boost prices. While U.S. LNG exports dipped and the unlikely continuation of gas transit via Ukraine beyond 2024. However, Norway's gas output rose to 360 mcm/d in November from the previous month – 3% above forecasts.
  • EU ETS December 2025 allowances are still in the green, supported by higher EU gas prices and limited wind generation next week – likely spurring up the need for thermal output. The contract is up by around 2% on the week.
  • Spain has submitted its fifth payment request under the EU's Recovery and Resilience Facility, seeking up to €22.1bn in funding aimed at increasing renewable capacity, enhanced energy efficiency, and decarbonisation measures for buildings and agriculture.
  • Akuo and MEAG have successfully closed financing for the 147MW Margalha solar power plant in Portugal, with the project already under construction.
  • ERG and Duferco Energia have signed a 5-year pay-as-produced PPA for the supply of around 100GWh/yr of renewable energy.
  • The 1.44GW NordLink power cable between Germany-Norway (NO2) will now be restricted to 1.12GW until 12 January 2025 from 7 January.
  • Germany's Federal Maritime and Hydrographic Agency has approved Vattenfall's 1GW Nordlicht 1 offshore wind farm, with commissioning expected by the end of 2027.
  • EdF has halted its Cattenom 4, Chooz 2 and Bugey 5 nuclear power plants over 21-23 December for modulation.
  • The 755MW Keadby 1 gas-fired power plant planned outage has been extended to 21 December 23:59 UTC from 20 December 21:00 UTC.
  • Poland’s Jan 25 power contract remained relatively flat on the day amid small gains in European coal and emissions. The contract settled down by around 2.87% on the week, after having fallen by around 2.1% the week before. Looking ahead, spot prices are likely to be supported on the week amid low wind anticipated for most days over 23-27 Dec.