End of Day Power Summary: German-French Front-Month Premium Widens

The German-French front-month premium widened on the day at the end of Thursday's trading session as France continued to be weighed down by limited cooling demand, high hydro stocks, high renewables output and above-normal nuclear generation, while Germany was supported with price increases in the energy complex.

• France Base Pwr JUL 24 up 0.4% at 42 EUR/MWh
  
• Germany Base Pwr JUL 24 up 1.9% at 77.21 EUR/MWh
• EUA DEC 24 up 0.2% at 70.85 EUR/MT
• TTF Gas JUL 24 up 1.4% at 35.8 EUR/MWh
• Rotterdam Coal JUL 24 up 1.3% at 113.6 USD/MT
• EU ETS Dec 24 is rising today despite slightly disappointing Eurozone industrial production data for April, as markets weigh the impact of the EU Parliament election on future energy policy.
• The latest French Elabe poll published late on 12 June, has seat range projections showing that - if these numbers were reflected in the legislative election - no single party or alliance would cross the 289-seat majority threshold.
• Nuclear output in France has been reduced for this weekend amid forecasts for high wind output and low demand.
• Germany has flipped back to a net import position to the Netherlands so far in June, after being at a small net export position in May, despite average German PV and onshore wind remaining firm on the month, while strong gas and lignite output are supporting power prices. The trend could continue in July as Germany is currently at a premium to the Dutch equivalent.
• The UK Labour Party’s manifesto includes a pledge for the party to work together with the private sector to double onshore wind capacity and to triple solar power capacity, the document showed.
• Austria is targeting 41 TWh/yr of PV output by 2040, about 6 times its output in 2023 at 6.3TWh, Climate and Energy minister Leonore Gewessler said, cited by Montel.
• Volatility in Finnish power prices has multiplied in a few years and is anticipated to increase in the country as well as throughout the Nordic region due to the large development of renewables and low demand growth, according to analysts at Axpo, cited by Montel.
• Ukraine has completed maintenance on three out of nine nuclear reactors, with works due to start at one more reactor in the coming days, Energoatom said, cited by Reuters.
• The EU and Tunisia signed a MoU for the Elmed Interconnector, which finalises the funding for the 600MW interconnector between Tunisia and Italy according to Bloomberg.
• The European Bank for Reconstruction and Development (EBRD) will loan €32mn for the construction of the first 192MW phase of a 461MW Romanian wind farm, with the first phase operational by the end of 2025, the EBRD said today.