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End of Day Power Summary: German-French M1 Premium at Mid-May Low

POWER

The French and German front month power base-load contracts diverged, with Germany falling to track losses in the energy complex and France supported amid potential power generation disruptions due to planned strike action and rising demand – narrowing the German-French M1 premium to the lowest since 17 May.

  • German M1 24 down 2.16% at €74.64/MWh.
  • France M1 24 up 7.99% at €45/MWh.
  • TTF Gas JUL 24 down 1.83% at 33.285 EUR/MWh.
  • Rotterdam Coal JUL 24 down 0.6% at 110.75 USD/MT
  • EUA DEC 24 down 1% at 71.37 EUR/MT
  • The German M1 premium is at €29.80/MWh, sharply down from €34.62/MWh on 6 June.
  • Power demand is expected to rise from mid-June as forecast suggested warmer weather.
  • France’s CGT union on Friday said it had filed a strike notice for the period between 14 June-13 September to revise salary scales in the energy sector, La Tribune reported. The first industrial action will start on 20 June covering workers in the natural gas and power sectors.
  • Joint-venture firm Ocean Winds has inched closer to commissioning its 496MW Iles d’Yeu Noirmoutier offshore wind farm in France after installing the first monopile for the project, the company said.
  • Germany plans to build more wind power plants in the North and Baltic Seas than originally planned, aiming to have 60GW of wind by 2037 from the original 40GW for 2035, according to Germany's Maritime and Hydrographic Agency, cited by Reuters.
  • Germany’s Federal Network Agency received serval €0.00/kWh bids in its interim results for a 2.5GW offshore wind tender in the North Sea, the agency said, cited by Renews.biz.
  • The 726MW Wilhelmshaven 1 coal-fired power plant will return to the grid on 9 June, one day earlier than previously planned, latest Remit data show.
  • Finland, Sweden, Baltics, Poland and neighbouring countries had up to 30% above the seasonal average of solar Irradiance – the measure of solar output over an area - in May compared to more southern countries like the UK and France due to warmer temperatures and clearer skies, according to firm Solcast, cited by PV Magazine.
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