End of Day Power Summary: Germany Gives Up Gains, France August Flips Red

German August power baseload power contract is struggling to find direction after having given up much of its gains from just before the midday session, while France has flipped into red territory as natural gas prices have fallen from their mid-afternoon high, with the upside also limited amid price declines in EU ETS.

• France Base Power AUG 24 down 0.5% at 44.95 EUR/MWh
  
• Germany Base Power AUG 24 up 0.3% at 75.99 EUR/MWh
• EUA DEC 24 down 0.9% at 70.15 EUR/MT
• TTF Gas AUG 24 up 2% at 33.34 EUR/MWh
• Rotterdam Coal AUG 24 up 3.1% at 108.9 USD/MT
• The EU ETS Dec 24 are trading lower today with weakness from bearish funds positioning and sluggish industrial data out of Germany. German factory orders unexpectedly fell in May – suggesting a setback to the recovery of the German economy.
• The latest EU ETS CAP3 EU auction cleared at €68.71/ton CO2e, up from €66.71/ton CO2e in the previous auction according to EEX.
• TTF front month has rebounded today amid support from supply risks. This has been heightened by an outage at Norway’s Oseberg field. Prices have returned to closing levels from July 2.
• The French Senate has proposed a new contract scheme between EdF and the state to allow the nuclear operator to fix revenue at a pre-agreed level, citing inadequate protection for both the company and consumers in the previous deal, it said, according to XM.
• Confirmation of recent polling continues to point toward a hung National Assembly at this Sunday's elections. The initial pressure on OATs and the EUR in recent weeks has been alleviated by polls pointing toward both the far-right, and the far-left-wing candidates falling short of control of parliament.
• Developer Q Energy has inched closer to meeting the early 2025 start-up date for its French 74.3MW floating PV plant as the first panels have been delivered, it said, cited by PV Magazine.
• TSO Svenska Kraftnät said on Wednesday it still sees great benefits from a power interconnector with Germany and may consider a new power link if conditions change in the future, after the Hansa PowerBridge project has been rejecte
• Lithuanian TSO Litgrid has completed upgrades of its transmission network that will allow for 600MW of newly installed wind farms to be connected to the grid, it said.
• Latvian TSO AST will invest around €444.8mn by 2034 in the development of its power network as capacity reservations are currently at 6GW, with 44 renewable projects to be connected in the next 3 years, it said.