End of Day Power Summary: Spot Prices Diverge on Decoupling

The German spot index on the Epex Spot surged to €492.04/MWh, the highest since late August 2022, while the French day-ahead base load fell to €2.96/MWh, the lowest since 14 June, after Epex spot announced IDA partial decoupling for several areas due to technical reasons or market issues.

• France Base Power JUL 24 up 13.1% at 53.9 EUR/MWh
• Germany Base Power JUL 24 up 4.5% at 73.93 EUR/MWh
• EUA MAR 25 up 1% at 68.84 EUR/MT
• TTF Gas JUL 24 up 2.2% at 34.845 EUR/MWh
• Rotterdam Coal JUL 24 up 0.4% at 108.15 USD/MT
• TTF has recovered after falling to a low of €32.3/MWh yesterday with support from hot weather across Europe this week and Asian LNG competition.
• EU ETS Dec24 is holding onto gains in the afternoon, tracking higher European gas prices.
• The latest EU ETS CAP3 EU auction cleared at €65.94/ton CO2e, down from €66.06/ton CO2e in the previous auction and the lowest since 30 April according to EEX.
• European coal stocks at the four key terminals in ARA fell last week by 0.28mn tons to 4.61mn tons, the lowest since early May 2022, Montel estimates showed.
• Epex spot announced IDA partial decoupling for several areas due to technical reasons or market issues, the exchange said. The issue affected, (NL, BE, FR, DE/LU, AT, PL, NO, SE, FI, DK) and (NO, SE, FI, DK, LT, LI, EE)
• France’s Rassemblement National party would plan to build 20 new nuclear reactors by 2043, the party’s energy spokesperson told Montel.
• Germany’s RWE received planning approvals for the first phase of the 1.6GW Nordseecluster offshore wind farm by the German Federal Maritime and Hydrographic Agency in mid-June, the utility said.
• Axpo’s 330MW Mapragg pumped storage plant will be shut down from September until the end of April 2025 due to the resumption of the renovation of the Gigerwald dam facility, the utility said.
• Spanish hydropower reserves last week further declined to 63.7% of capacity, down from 64.3% of capacity the week before, marking the fourth weekly decline, according to data from Spain’s Environmental Ministry.
• The Nordic July power base-load contract has extended losses today, shrugging off gains in neighbouring CWE markets amid higher gas prices, as forecasts suggested a wetter outlook.
• Denmark is planning to introduce a levy on farm emissions, marking the world’s first carbon tax on agriculture, the government said.
• The unplanned outage at Vattenfall’s 565MW Ringhals Block4 nuclear reactor has been extended until 2 July, from 27 June previously scheduled, remit data showed.