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End of Day Power Summary: French July Resists Falling TTF, EU ETS Prices

POWER
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The French July baseload power contract erased earlier losses to trade higher on the day towards the end of the session, lifted by upward revisions of temperatures and higher prices for the week-ahead contracts, with Germany tracking losses in the energy complex.

  • France Base Pwr JUL 24 up 3.2% at 39.14 EUR/MWh.
  • Germany Base Pwr JUL 24 down 1.5% at 75.4 EUR/MWh.
  • TTF Gas JUL 24 down 1.1% at 33.425 EUR/MWh.
  • Rotterdam Coal JUL 24 down 4.7% at 114.5 USD/MT
  • EUA DEC 24 down 0.6% at 71.9 EUR/MT
  • EdF received the environmental greenlight for the new nuclear reactors at Penly, which enables the utility to start clearing land, relocating species and others, Montel said, citing the French inter-ministerial delegation in charge of new nuclear power.
  • French nuclear generation remained above the five-year average so far this month, despite curtailments during the last weekend amid high renewables output.
  • Investment funds net short positions in ICE German power futures turned the most bullish since the week of 15 September 2023, according to the COT data for the week of 31 May. This could lead to price increases of German power forward contracts in the short term.
  • Investment funds positioning in EU ETS futures has turned more bearish with net short positionings increasing with the latest Commitment of Traders data.
  • The Dutch government is considering buying a stake in the 515MW Borssele nuclear power plant in a move to extend the power plant’s operations until after 2033, the ministry of energy said, cited by Bloomberg.
  • Italian hydro stocks over 27 May-2 June (week 22) increased for the fifth consecutive week- albeit at a slower pace – with stocks widening their deficit to the 5-year avg to the highest this year. The rise of stocks could continue to be slowed as maximum temperatures in Rome could spur the need for cooling – increasing power demand.
  • Nordic hydro stocks over 27 May- 2 June (week 22) slowed their rise for the second consecutive week, with hydro stocks in Norway having the highest week-on-week gain while the rise of Finnish reserves slowed the most in the region. Hydro stocks could be weighed down this week amid the unplanned outage at 1.6GW OL3 nuclear plant on Monday.
  • The Finnish government forecast that in 2050 its domestic offshore wind capacity will reach 15-26GW, according to the government.
  • Lithuanian’s preparation for syncing with the EU power network and disconnecting from the post-soviet BRELL system is “almost 100%,” the energy minister Dainius Kreivys said today.
  • Tauron halted the 910MW B7 unit at the Jaworzno 2 coal-fired plant after a fire broke out on Tuesday evening at one of the units, Polsat News website reports, cited by Bloomberg.
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The French July baseload power contract erased earlier losses to trade higher on the day towards the end of the session, lifted by upward revisions of temperatures and higher prices for the week-ahead contracts, with Germany tracking losses in the energy complex.

  • France Base Pwr JUL 24 up 3.2% at 39.14 EUR/MWh.
  • Germany Base Pwr JUL 24 down 1.5% at 75.4 EUR/MWh.
  • TTF Gas JUL 24 down 1.1% at 33.425 EUR/MWh.
  • Rotterdam Coal JUL 24 down 4.7% at 114.5 USD/MT
  • EUA DEC 24 down 0.6% at 71.9 EUR/MT
  • EdF received the environmental greenlight for the new nuclear reactors at Penly, which enables the utility to start clearing land, relocating species and others, Montel said, citing the French inter-ministerial delegation in charge of new nuclear power.
  • French nuclear generation remained above the five-year average so far this month, despite curtailments during the last weekend amid high renewables output.
  • Investment funds net short positions in ICE German power futures turned the most bullish since the week of 15 September 2023, according to the COT data for the week of 31 May. This could lead to price increases of German power forward contracts in the short term.
  • Investment funds positioning in EU ETS futures has turned more bearish with net short positionings increasing with the latest Commitment of Traders data.
  • The Dutch government is considering buying a stake in the 515MW Borssele nuclear power plant in a move to extend the power plant’s operations until after 2033, the ministry of energy said, cited by Bloomberg.
  • Italian hydro stocks over 27 May-2 June (week 22) increased for the fifth consecutive week- albeit at a slower pace – with stocks widening their deficit to the 5-year avg to the highest this year. The rise of stocks could continue to be slowed as maximum temperatures in Rome could spur the need for cooling – increasing power demand.
  • Nordic hydro stocks over 27 May- 2 June (week 22) slowed their rise for the second consecutive week, with hydro stocks in Norway having the highest week-on-week gain while the rise of Finnish reserves slowed the most in the region. Hydro stocks could be weighed down this week amid the unplanned outage at 1.6GW OL3 nuclear plant on Monday.
  • The Finnish government forecast that in 2050 its domestic offshore wind capacity will reach 15-26GW, according to the government.
  • Lithuanian’s preparation for syncing with the EU power network and disconnecting from the post-soviet BRELL system is “almost 100%,” the energy minister Dainius Kreivys said today.
  • Tauron halted the 910MW B7 unit at the Jaworzno 2 coal-fired plant after a fire broke out on Tuesday evening at one of the units, Polsat News website reports, cited by Bloomberg.