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End of Day Summary: CWE Power Remains Red on Gas, EU ETS

POWER
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CWE front-month baseload power contracts remained in negative territory towards the end of Tuesday’s session as losses continued in the wider energy complex. The French-Spanish June discount narrowed to the lowest since 22 May as unplanned French nuclear maintenance lessened the French decline.

  • France Base Pwr JUN 24 down 2.2% at 34.85 EUR/MWh.
  • Germany Base Pwr JUN 24 down 5.9% at 71.86 EUR/MWh.
  • Spain Base Pwr JUN 24 down 4.3% at 48.6 EUR/MWh.
  • TTF Gas JUN 24 down 5% at 33.48 EUR/MWh
  • Rotterdam Coal JUN 24 down 0.3% at 111.6 USD/MT.
  • EUA DEC 24 down 2.2% at 74.58 EUR/MT.
  • The French-Spanish June discount is at €13.75/MWh narrowing from €15.16/MWh on 27 May.
  • French utility EdF will stop production at its 1.33GW Paluel 3 nuclear until 30 June due to fire that occurred on the main power transformer of the unit early this morning, according to EdF, cited by Bloomberg.
  • But the French week-ahead power base-load contract is trading higher today, supported by forecasts for low wind, with the Paluel 3 outage adding additional support.
  • Météo France forecasts a 50% chance of temperatures above average across France in June-August, which could significantly boost the country’s power demand for electric cooling and could force some reductions in nuclear output according to Montel.
  • Spanish Firm Iberdrola has fully commissioned its 496MW Saint-Brieuc offshore wind farm off the coast of France, the firm said today.
  • Construction works and maintenance on transmission lines will reduce the electricity cross border capacity between Sweden and Finland this summer, Fingrid said in a statement.
  • Norwegian firm Deep Wind Offshore has applied to develop its 1.5GW Erik Segersall floating offshore wind farm in Sweden and could increase the capacity to 4.5GW later, the firm said.
  • PGE hopes that the plan of separating its coal assets into a different state-owned entity will be completed in 3Q24, with the strategy being implemented in 2025, PGE president Dariuz Marzec said, cited by ISB News.
  • Poland’s PGE is also expected to make its final investment decision (FID) on its 1.5GW Baltica 2 offshore wind farm in 2H of 2024, while its decision to build a 2.8GW nuclear plant with firm Ze Pak is “very distant,” the firm said, cited by ISB News.
  • The European Commission has approved a €3.2bn Czech scheme to support the production of power from new and modernized CHP power plants, the EU said.
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CWE front-month baseload power contracts remained in negative territory towards the end of Tuesday’s session as losses continued in the wider energy complex. The French-Spanish June discount narrowed to the lowest since 22 May as unplanned French nuclear maintenance lessened the French decline.

  • France Base Pwr JUN 24 down 2.2% at 34.85 EUR/MWh.
  • Germany Base Pwr JUN 24 down 5.9% at 71.86 EUR/MWh.
  • Spain Base Pwr JUN 24 down 4.3% at 48.6 EUR/MWh.
  • TTF Gas JUN 24 down 5% at 33.48 EUR/MWh
  • Rotterdam Coal JUN 24 down 0.3% at 111.6 USD/MT.
  • EUA DEC 24 down 2.2% at 74.58 EUR/MT.
  • The French-Spanish June discount is at €13.75/MWh narrowing from €15.16/MWh on 27 May.
  • French utility EdF will stop production at its 1.33GW Paluel 3 nuclear until 30 June due to fire that occurred on the main power transformer of the unit early this morning, according to EdF, cited by Bloomberg.
  • But the French week-ahead power base-load contract is trading higher today, supported by forecasts for low wind, with the Paluel 3 outage adding additional support.
  • Météo France forecasts a 50% chance of temperatures above average across France in June-August, which could significantly boost the country’s power demand for electric cooling and could force some reductions in nuclear output according to Montel.
  • Spanish Firm Iberdrola has fully commissioned its 496MW Saint-Brieuc offshore wind farm off the coast of France, the firm said today.
  • Construction works and maintenance on transmission lines will reduce the electricity cross border capacity between Sweden and Finland this summer, Fingrid said in a statement.
  • Norwegian firm Deep Wind Offshore has applied to develop its 1.5GW Erik Segersall floating offshore wind farm in Sweden and could increase the capacity to 4.5GW later, the firm said.
  • PGE hopes that the plan of separating its coal assets into a different state-owned entity will be completed in 3Q24, with the strategy being implemented in 2025, PGE president Dariuz Marzec said, cited by ISB News.
  • Poland’s PGE is also expected to make its final investment decision (FID) on its 1.5GW Baltica 2 offshore wind farm in 2H of 2024, while its decision to build a 2.8GW nuclear plant with firm Ze Pak is “very distant,” the firm said, cited by ISB News.
  • The European Commission has approved a €3.2bn Czech scheme to support the production of power from new and modernized CHP power plants, the EU said.