End of Day Power Summary: Germany Remains Positive, France Remains Down

The German and French front-month power baseload contracts remained diverged towards the end of Wednesday's trading session, as Germany took direction from rising European gas prices while high renewables, nuclear availability and limiting cooling demand are placing downward pressure on the French contract.

• Germany Base Pwr JUL 24 up 0.1% at 75.57 EUR/MWh.
  
• France Base Pwr JUL 24 down 4.3% at 41.67 EUR/MWh.
• TTF Gas JUL 24 up 2.7% at 35.20 EUR/MWh.
• Rotterdam Coal JUL 24 up 1.6% at 112.40 USD/MT.
• EUA DEC 24 down 0.0% at 70.62 EUR/MT.
• In Germany, Onyx’ 472MW Zolling hard-coal plant planned had an unplanned outage on Tuesday and is scheduled to return Thursday evening, remit data showed.
• EU ETS Dec 24 is pulling struggling to find a clear direction today with upside from gains in European gas prices while positioning data from speculators turned more bearish.
• Cold Arctic winds have caused an unseasonal dip in temperatures in Northwest Europe, boosting unseasonal heating demand. Temperatures in London fell as low as 5C on Sunday, with Paris and Berlin dipping to around 7C according to Weather Services International.
• Nordic hydro stocks over 6-9 June (week 23) have now been increasing since week 18 of this year, albeit rising slowest compared to the past 4 weeks, as reservoir stocks increased at a relaxed pace in Sweden, Finland and Norway. Rainfall in the Nordics is expected to be above the 30-year norm for the majority of the two-week forecasts - possibly supporting stocks.
• Joint venture firm Freja Offshore has been given consent by Sweden’s County Administrative Board in Vastra Gotaland – southern Sweden- to build its 12 TWh/yr Mareld offshore wind farm, the firm said.
• Austria added 497MW of new solar PV capacity in the first quarter of this year, slightly below the quarterly average during 2023, E-Control data showed.
• The UK’s Green Party has launched its manifesto, with plans to increase the UK’s offshore wind target to 80GW by 2035 from 50GW by 2030, with its solar targets upped to 100GW from 70GW for the same deadline, according to Bloomberg.
• Lithuanian TSO Litgrid has begun trial operations for a 22MW domestic solar farm owned by firm Ignitis Renewables, although commercial operations are anticipated in 2025, according to the Lithuanian Energy Ministry.