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End of Day Power Summary: German June Rebounds from Two-Session Decline

POWER
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German June power base load contract has remained in green territory towards the end of Thursday's session, supported by gains in the energy complex, while the French equivalent has diverged amid high nuclear availability and limited expectations for a significant pick up in cooling demand at the beginning of the month.

  • Germany Base Pwr JUN 24 up 2.1% at 72.5 EUR/MWh
  • France Base Pwr JUN 24 down 3% at 33.16 EUR/MWh
  • EUA DEC 24 up 2% at 75.34 EUR/MT
  • TTF Gas JUN 24 up 2.8% at 34.825 EUR/MWh
  • Rotterdam Coal JUN 24 up 2.3% at 117.15 USD/MT.
  • Front month TTF is approaching the European close with robust gains on the day. Higher Norwegian flows and strong seasonal gas storage levels are weighed against lower LNG imports and discussions in Europe on curtailing gas and LNG supplies Russia.
  • French nuclear availability was stable on the day at around 43.23GW, or 70% of capacity, this morning, RTE data cited by Reuters showed.
  • Maximum temperatures in Paris throughout the two-week forecast are expected between about 15-23C, with temperatures over 31 May-2 June revised slightly lower on the day, according to Bloomberg Model.
  • Australian coal exports to Germany and Belgium are on track to fall by around 52% and 50% on quarter in the 2Q24 data from Marcura show, amid lower German coal-fired generation and power demand.
  • Italian hydro stocks over 20-26 May (week 21) moved up at a slower pace last week, with stocks widening their deficit on the year to the highest since flipping from a premium in week 17. Stocks could be weighed down this week and next week as temperatures are forecast above the 30-year norm – raising cooling demand.
  • Spain’s PV output is anticipated to swell to fresh records during peak periods over the coming months, as Spain's solar production capacity hit a new high in 2024 despite the slowdown of installations, according to Reuters.
  • Ukraine’s government is in talks with its European neighbouring countries to increase power imports to more than 2GW amid power supply bottlenecks following Russia’s attacks on the country’s energy infrastructure, Prime Minister Denys Shmyhal said, cited by Bloomberg.
  • European thermal coal imports were estimated at 0.75mn tons in May, down from 1.3mn tons in April and the lowest since at least January 2017, Kpler data showed, cited by Montel.
  • Increased cost due to inflation and “re-focusing” of developing strategies will lead to global floating offshore wind targets not being met, with less than 3GW globally expected to be operational by 2030 and Europe reaching 0.5-2GW by then, according to a survey by Westwood Global Energy Group.
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German June power base load contract has remained in green territory towards the end of Thursday's session, supported by gains in the energy complex, while the French equivalent has diverged amid high nuclear availability and limited expectations for a significant pick up in cooling demand at the beginning of the month.

  • Germany Base Pwr JUN 24 up 2.1% at 72.5 EUR/MWh
  • France Base Pwr JUN 24 down 3% at 33.16 EUR/MWh
  • EUA DEC 24 up 2% at 75.34 EUR/MT
  • TTF Gas JUN 24 up 2.8% at 34.825 EUR/MWh
  • Rotterdam Coal JUN 24 up 2.3% at 117.15 USD/MT.
  • Front month TTF is approaching the European close with robust gains on the day. Higher Norwegian flows and strong seasonal gas storage levels are weighed against lower LNG imports and discussions in Europe on curtailing gas and LNG supplies Russia.
  • French nuclear availability was stable on the day at around 43.23GW, or 70% of capacity, this morning, RTE data cited by Reuters showed.
  • Maximum temperatures in Paris throughout the two-week forecast are expected between about 15-23C, with temperatures over 31 May-2 June revised slightly lower on the day, according to Bloomberg Model.
  • Australian coal exports to Germany and Belgium are on track to fall by around 52% and 50% on quarter in the 2Q24 data from Marcura show, amid lower German coal-fired generation and power demand.
  • Italian hydro stocks over 20-26 May (week 21) moved up at a slower pace last week, with stocks widening their deficit on the year to the highest since flipping from a premium in week 17. Stocks could be weighed down this week and next week as temperatures are forecast above the 30-year norm – raising cooling demand.
  • Spain’s PV output is anticipated to swell to fresh records during peak periods over the coming months, as Spain's solar production capacity hit a new high in 2024 despite the slowdown of installations, according to Reuters.
  • Ukraine’s government is in talks with its European neighbouring countries to increase power imports to more than 2GW amid power supply bottlenecks following Russia’s attacks on the country’s energy infrastructure, Prime Minister Denys Shmyhal said, cited by Bloomberg.
  • European thermal coal imports were estimated at 0.75mn tons in May, down from 1.3mn tons in April and the lowest since at least January 2017, Kpler data showed, cited by Montel.
  • Increased cost due to inflation and “re-focusing” of developing strategies will lead to global floating offshore wind targets not being met, with less than 3GW globally expected to be operational by 2030 and Europe reaching 0.5-2GW by then, according to a survey by Westwood Global Energy Group.