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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
POWER
CWE front-month baseload power contracts remained sharply down throughout Tuesday’s session, following price falls in European gas and emissions, with the French-Italian July discount increasing to a yearly high amid sharper losses in the former country due to stable French nuclear availability.
- France Base Pwr JUL 24 down 13.3% at 37.6 EUR/MWh.
- Germany Base Pwr JUL 24 down 8.2% at 76.95 EUR/MWh.
- Italy Base Pwr JUL 24 down 3.9% at 110 EUR/MWh.
- TTF Gas JUL 24 down 5% at 34.18 EUR/MWh.
- Rotterdam Coal JUL 24 down 2.8% at 119.90 USD/MT.
- EUA DEC 24 down 2.6% at 72.6 EUR/MT.
- France's front-month power base load contract is currently at a €72.40/MWh discount to the Italian equivalent, edging up from €71.18/MWh on 3 June.
- This could indicate that Italy could be at a net import position to France next month.
- The outage at the Albertville-Rondissone 1 interconnector between France and Italy was extended by an additional two months to 31 August, RTE said on Friday.
- The interconnector has a capacity of 4GW in the direction of France-Italy and 2.6GW in the opposite direction. This could raise domestic power prices in Italy on delivery due to cheaper power costs in France being curtailed.
- Belgium’s 1.03GW Tihange 3 nuclear power plant has extended its unplanned outage that occurred on Monday morning again, with the unit now expected to return on 5 June, latest Remit data show.
- The European Commission has approved an Italian subsidy scheme that will support a total of 4.59GW of new renewable capacity, with the measure implemented until 31 December 2028, the EC said today.
- Developers R.Power Renewables and Elwan Energy have partnered up to deploy about 2GW of Italian PV, the R. Power said today.
- Rhine river water levels at the Kaub measuring point rose to 6.41m on Tuesday, up from 5.97m on Monday evening and the highest since 7 February 2021, WSA data showed, cited by Bloomberg.
- Germany’s economy ministry and the European Commission have given “in principle” greenlight for the compensation of up to €1.75bn for the lignite phase out Germany’s LEAG, the ministry said.
- The Dutch prime minister Rutte told Germany’s Scholz it is "disappointing" that berlin hasn't presented Tennet bid despite numerous indications, and reassurances - letter seen by Reuters.
- Germany has flipped back to a net power importer position from the Netherlands in June, after switching to a small net power exporter for the first time this year in May.
- Finland’s 1.6GW Olkiluoto 3 nuclear power plant is now running at about 87% of capacity, according to plant operator TVO.
- The 2023 TNAC for EU ETS was largely in line with market expectations, JP Morgan said in a note.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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