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End of Day Power Summary: German Front-Month at Highest Since Mid-January

POWER

The German M1 2024 power base-load contract increased for the fifth consecutive trading session to reach its highest since 15 January, following similar upward movements in the European gas and EU ETS markets. France has climbed even higher amid upward revisions of maximum temperatures - leading to increasing cooling demand next week, with low wind generation in NW Europe

  • German M1 24 up 3.05% at €77.03/MWh.
  • France M1 24 up 8% at €43.85/MWh.
  • TTF Gas June 24 up 5.08% at €34.68/MWh.
  • EU ETS Dec 24 up 0.58% at €76.69/t CO2e.
  • Rotterdam Coal June 24 down just 0.3% at $112.75/t
  • In Germany, Lausitz Energie’s KW Boxberg Block N 500MW lignite plant will be offline from Friday morning until Sunday evening for planned works, EEX remit data showed today.
  • German solar power generation is forecast to rise by 37% year on year this summer according to BNEF, as Germany continues to add new solar PV capacity at a fast pace, which will likely increase the number of negative prices.
  • Germany’s economy industry is planning to lobby for tighter EU rules for oversight of construction and sustainable products ahead of the European elections according to a document seen by Bloomberg.
  • Investment funds decreased long positioning in ICE German power futures fell slightly last week, with net short positioning increasing to the most bearish since 26 April, according to the commitment of trader’s data for the week of 17 May.
  • EU ETS Dec 24 prices removed most of the earlier gains to edge only slightly higher in a choppy session. The latest Commitment of Traders data showing investment funds net short positioning in EU ETS futures turning the most bearish since early May.
  • French firm TotalEnergies is targeting 35GW of renewable capacity by 2025 and 100GW or more by 2030 as a part of its energy transition and renewable expansion plans, according to Bloomberg.
  • European power grid investment must double by 2030 and triple by 2040 from current investment for the EU to meet its net zero targets, according to Bloomberg.
  • Denmark’s 254MW unit 1 at the 820MW Avedoreværket biomass power plant has had its unplanned maintenance extended by one day 23 May, according to latest Remit data.
  • The Norwegian energy minister will launch a public inquiry on nuclear power to asses if the technology could meet the country’s future power demand, according to Montel.

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