End of Day Power Summary: Germany & Iberian M1 Holds Gains, France Falls

The German, Italian and Iberian power August base-load contracts have remained in green territory towards the end of Monday’s session as price increases in the energy complex have supported, with above-normal temperatures in the Mediterranean adding support. While, anticipated French curtailments continue to weigh on the French equivalent.

• Italy Base Power AUG 24 up 3.8% at 107.8 EUR/MWh
• Spain Base Power AUG 24 up 3.2% at 78 EUR/MWh
• France Base Power AUG 24 down 8.1% at 38 EUR/MWh
• Germany Base Power AUG 24 up 1% at 76.4 EUR/MWh
• EUA DEC 24 up 1.2% at 68.69 EUR/MT
• TTF Gas AUG 24 up 4.3% at 33.88 EUR/MWh
• Rotterdam Coal AUG 24 up 1% at 115.30 USD/MT
• EU ETS Dec 24 is supported by price rises in the gas and coal, while the latest EU ETS CAP3 EU auction cleared at €67.17/ton CO2e, up from the previous auction at €66.71/ton CO2e held on 25 July according to EEX.
• TTF front month climbed to its highest level since 5 July as concern for rising competition for LNG supplies due to a heat wave in northern Asia has lifted the contract.
• The latest 6-10 days ECMW operational forecast suggested max temperatures in the Mediterranean are anticipated to soar to 33.6C on 7 August and are expected between 32.5-33.6C over 30 July- 7August – likely spurring cooling demand over the period.
• EdF is reducing output at the 1.31GW Golfech 1 reactor and halting output at the 1.31GW Golfech 2 reactor on Tuesday due to high temperatures on the Garonne river, remit data showed.
• EdF’s offer to build two nuclear reactors in the Czech Republic is still valid, despite the Czech government entering exclusive talks with Korea’s KHNP, EdF’s CEO Luc Remont said, cited by Montel.
• French hydropower stocks last week (week 30) rebounded to climb to a fresh yearly high so far in 2024 – surpassing the previous high in week 28 – to end the week at 3,124GWh, RTE data showed.
• Germany will launch a 583MW innovation tender for the construction of renewable power projects, with the deadline to submit bids set for 2 September 2024, according to the BNetzA.
• Around 30GW of Spanish PV is at risk of losing access and connection rights to the domestic grid amid the extension deadline to obtain a construction permit being pushed back until 25 July 2024, according to PV magazine.

• • Planned maintenance at Vattenfall’s 990MW Forsmark 3 nuclear reactor has been extended by one day until 30 July, remit data showed.
• • Scottish Power hopes to double its investment in UK energy projects by up to £24bn if Labour policies allow, Chief executive Keith Anderson said, cited by Energy Voice.
• • The Market Coupling Steering Committee (MCSC) has started an investigation into the decoupling of the Czech Single Day Ahead Coupling (SDAC) auction on 24 July for delivery the next day, it said.