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POWER: End of Day Power Summary: French-German March Discount Narrows

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The French-German March discount is on track to narrow from the previous session to reach its lowest since 6 February to be at €14.76/MWh at the time of writing amid stronger gains in France owing to a downward revision in temperature forecasts in the region and higher power demand compared to Germany.  Nordics are supported by a drier outlook and cooler temperatures.

  • Nordic Base Power MAR 25 up 7.7% at 46.6 EUR/MWh
  • France Base Power MAR 25 up 4.2% at 96.3 EUR/MWh
  • Germany Base Power MAR 25 up 2.7% at 110.93 EUR/MWh
  • EUA DEC 25 up 0.9% at 83.03 EUR/MT
  • TTF Gas MAR 25 up 4.4% at 58.165 EUR/MWh
  • Rotterdam Coal MAR 25 down 0.2% at 104 USD/MT
  • TTF front-month prices remain firm from the midday session, bolstered by stronger gas imports from Ukraine. Additional support comes from concerns over increased gas storage withdrawals this week amid a forecasted temperature drop in NW Europe.
  • EU ETS December 2025 has given back some gains from the early afternoon, albeit it is remaining up on the day owing to gains in TTF and price increases in the latest EU ETS auction today.  Losses in Europe coal limit gains.
  • The 2GW IFA power link between UK-France will curtail its capacity to 1GW over 18-21 February due to planned works. Works will also occur on 28 February for 10hrs, with capacity curtailed by 500MW.
  • The UK is proposing a progression commitment fee to streamline its electricity connections queue, ensuring only viable projects move forward.
  • EdF has shortened the unplanned outage at its 1.3GW Cattenom 3 nuke to 12 February from 13 February.
  • Axpo’s 365MW Beznau 2 nuclear reactor in Switzerland had an unplanned outage on Monday 12:00CET that is scheduled to last until 15:00CET, from 18:00CET previously scheduled.
  • The pace of Germany’s power grid expansion has increased in recent years, however, grid costs remain too high, Bnetza president Klaus Mueller said.
  • Italy's Ministry of the Environment and Energy Security (MASE) has unveiled its 2025 energy priorities, focusing on streamlining regulations and expanding energy storage.
  • Norway’s NVE recommends that Statnett be granted a license to build a new 420kV power cable between Skaidi and Lebesby in Finnmark, Norway.
  • Norway has decided not to move forward with the 1.5-2.1GW Sorvest F offshore wind area in 2025, opting instead to prioritise floating offshore wind projects with radial connections compared to hybrid due to high costs.
  • The unplanned outage at Poland’s 910MW Jaworzno 2 coal plant has been extended to 13 February from 12 February, however, the unit will is still curtailed by 454MW.
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The French-German March discount is on track to narrow from the previous session to reach its lowest since 6 February to be at €14.76/MWh at the time of writing amid stronger gains in France owing to a downward revision in temperature forecasts in the region and higher power demand compared to Germany.  Nordics are supported by a drier outlook and cooler temperatures.

  • Nordic Base Power MAR 25 up 7.7% at 46.6 EUR/MWh
  • France Base Power MAR 25 up 4.2% at 96.3 EUR/MWh
  • Germany Base Power MAR 25 up 2.7% at 110.93 EUR/MWh
  • EUA DEC 25 up 0.9% at 83.03 EUR/MT
  • TTF Gas MAR 25 up 4.4% at 58.165 EUR/MWh
  • Rotterdam Coal MAR 25 down 0.2% at 104 USD/MT
  • TTF front-month prices remain firm from the midday session, bolstered by stronger gas imports from Ukraine. Additional support comes from concerns over increased gas storage withdrawals this week amid a forecasted temperature drop in NW Europe.
  • EU ETS December 2025 has given back some gains from the early afternoon, albeit it is remaining up on the day owing to gains in TTF and price increases in the latest EU ETS auction today.  Losses in Europe coal limit gains.
  • The 2GW IFA power link between UK-France will curtail its capacity to 1GW over 18-21 February due to planned works. Works will also occur on 28 February for 10hrs, with capacity curtailed by 500MW.
  • The UK is proposing a progression commitment fee to streamline its electricity connections queue, ensuring only viable projects move forward.
  • EdF has shortened the unplanned outage at its 1.3GW Cattenom 3 nuke to 12 February from 13 February.
  • Axpo’s 365MW Beznau 2 nuclear reactor in Switzerland had an unplanned outage on Monday 12:00CET that is scheduled to last until 15:00CET, from 18:00CET previously scheduled.
  • The pace of Germany’s power grid expansion has increased in recent years, however, grid costs remain too high, Bnetza president Klaus Mueller said.
  • Italy's Ministry of the Environment and Energy Security (MASE) has unveiled its 2025 energy priorities, focusing on streamlining regulations and expanding energy storage.
  • Norway’s NVE recommends that Statnett be granted a license to build a new 420kV power cable between Skaidi and Lebesby in Finnmark, Norway.
  • Norway has decided not to move forward with the 1.5-2.1GW Sorvest F offshore wind area in 2025, opting instead to prioritise floating offshore wind projects with radial connections compared to hybrid due to high costs.
  • The unplanned outage at Poland’s 910MW Jaworzno 2 coal plant has been extended to 13 February from 12 February, however, the unit will is still curtailed by 454MW.