End of Day Summary: French-German July 24 Power Discount Narrows on Week

The French-German July baseload power contract discount has closed sharply down on the week as gains in France have outpaced gains in the German market as an upward revision in temperature forecasts in France early in the week supported cooling demand expectations, while Germany followed the energy complex.

• France Base Power JUL 24 down 2.7% at 55.5 EUR/MWh
• Germany Base Power JUL 24 up 1.6% at 75 EUR/MWh
• EUA DEC 24 up 1.1% at 67.39 EUR/MT
• TTF Gas AUG 24 down 1% at 34.5 EUR/MWh
• Rotterdam Coal JUL 24 down 1.2% at 104 USD/MT
• The French-German July 24 discount closed at an average of around €19.52/MWh over 24-28 June, narrowing from €28.63/MWh in the previous week.
• The December 2024 EU ETS contract has edged up on Friday – rebounding from its Thursday close- to diverge from losses in the European gas and coal markets amid the outcome of the European Parliament’s election in early June, suggesting an uptick in far-right votes and fewer votes for the Green Party – potentially impacting climate policies in the future.
• And wind forecasts point to lower wind on the year in July in northwest Europe, while German demand is expected to rise- which could support fossil-fired generation over the month.
• The TTF front month remains within this week’s range with fundamentals relatively unchanged on the day. But the contract is up around 1.2% on the week
• German front-week power base load is up by more than 9% on the day as forecast suggested low wind output next week, while solar PV output is also forecast to decline week on week.
• French utility EdF has lowered output at two nuclear reactors for some hours on Sunday amid forecasts for high renewables output and lower demand.
• In the Netherlands, the start-up of the 360MW EEMS 6 gas-fired power plant has been brought forward by 4 days and is anticipated to return on 2 July.
• American-based firm Invenergy has moved closer to commissioning an 81MW onshore wind farm in Scotland in early 2026, after having entered into a supply agreement with Vestas, according to the turbine supplier.