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End of Day Power Summary: German June Gives Up Gains, France Flips Red

POWER
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The French and German June power baseload power contracts have given up previous gains seen in the morning session, with France flipping into negative territory amid a downward revision in temperature forecast and losses in European gas and emissions prices. The French-German discount has remained firm throughout the session at about €40/MWh – which could lead Germany to continue to be at a net import position.

  • Germany Base Pwr JUN 24 up 1.13% at 73.50 EUR/MWh
  • France Base Pwr JUN 24 down 2.52% at 32.55 EUR/MWh
  • EUA DEC 24 down 1.64% at 74.24 EUR/MT
  • TTF Gas JUL 24 down 2.03% at 34.635 EUR/MWh
  • Rotterdam Coal JUN 24 up 1.58% at 119.10 USD/MT – diverging from EU ETS and gas.
  • French-German net exports climbed to a yearly high in May and increased by around 66% from April as day-ahead power prices in France were at a discount to Germany for the entirety of the month – reaching a yearly high on 30 May.
  • The German power market could see price swings in June as weather forecasts over the next four weeks give mixed indications of renewable output and temperatures, according to Ubimet, cited by Montel.
  • Temperatures in Paris have been revised lower by up to 1C over 1-3 June to be between 13-14C – below the seasonal norm of around 15-16C.
  • French peak-load prices for delivery on 1 June were negative for several hours amid firm wind and solar generation, with lower demand adding additional downward pressure on the day.
  • EdF will shut down several nuclear reactors this weekend amid low demand and high renewables output, remit data showed.
  • French new solar PV installations rose by 1.1GW in Q1 2024 to reach 20.6GW, data from the Ministry of Ecological Transition showed. This means, France has exceeded its target of 20.1GW of solar capacity for 2023 set by the PPE.
  • ICIS is pointing to a bearish continuation of most power market fundamentals that are likely to further pressure European power prices according to the latest ICIS Power Foresight monthly outlook for June.
  • The Swedish administrative board of Gotland has recommended that the government grant a permit for the development of OX2’s 5.5GW Aurora offshore wind farm in Sweden’s economic zone, according to the firm.
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The French and German June power baseload power contracts have given up previous gains seen in the morning session, with France flipping into negative territory amid a downward revision in temperature forecast and losses in European gas and emissions prices. The French-German discount has remained firm throughout the session at about €40/MWh – which could lead Germany to continue to be at a net import position.

  • Germany Base Pwr JUN 24 up 1.13% at 73.50 EUR/MWh
  • France Base Pwr JUN 24 down 2.52% at 32.55 EUR/MWh
  • EUA DEC 24 down 1.64% at 74.24 EUR/MT
  • TTF Gas JUL 24 down 2.03% at 34.635 EUR/MWh
  • Rotterdam Coal JUN 24 up 1.58% at 119.10 USD/MT – diverging from EU ETS and gas.
  • French-German net exports climbed to a yearly high in May and increased by around 66% from April as day-ahead power prices in France were at a discount to Germany for the entirety of the month – reaching a yearly high on 30 May.
  • The German power market could see price swings in June as weather forecasts over the next four weeks give mixed indications of renewable output and temperatures, according to Ubimet, cited by Montel.
  • Temperatures in Paris have been revised lower by up to 1C over 1-3 June to be between 13-14C – below the seasonal norm of around 15-16C.
  • French peak-load prices for delivery on 1 June were negative for several hours amid firm wind and solar generation, with lower demand adding additional downward pressure on the day.
  • EdF will shut down several nuclear reactors this weekend amid low demand and high renewables output, remit data showed.
  • French new solar PV installations rose by 1.1GW in Q1 2024 to reach 20.6GW, data from the Ministry of Ecological Transition showed. This means, France has exceeded its target of 20.1GW of solar capacity for 2023 set by the PPE.
  • ICIS is pointing to a bearish continuation of most power market fundamentals that are likely to further pressure European power prices according to the latest ICIS Power Foresight monthly outlook for June.
  • The Swedish administrative board of Gotland has recommended that the government grant a permit for the development of OX2’s 5.5GW Aurora offshore wind farm in Sweden’s economic zone, according to the firm.