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POWER: EU Mid-Day Power Summary: CWE February Power Edges Lower

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CWE front-month power futures reversed earlier gains, tracking similar movements in EU gas prices, with additional downside from steeper losses in EUAs. German Cal26 power is pulling back today with more significant losses in the energy complex further down the curve. 

  • Nordic Base Power FEB 25 unchanged at 33 EUR/MWh
  • France Base Power FEB 25 down 0.5% at 99.56 EUR/MWh
  • Germany Base Power FEB 25 down 0.5% at 109.36 EUR/MWh
  • EUA DEC 25 down 1% at 79.47 EUR/MT
  • TTF Gas FEB 25 up 0.1% at 50.065 EUR/MWh
  • TTF are holding onto gains amid concern for storage levels amid high withdrawals and due to an outage at the US Freeport LNG export terminal. Germany’s THE on Tuesday said it aims to introduce a mechanism to subsidize gas storage injections.
  • EU ETS December 2025 allowances pulling back amid bearish fundamentals with warmer, windier weather and a reversal of initial EU gas gains, despite speculator positioning turning again more bullish on the week with net long positionings at the highest since the week of 4 February 2022.
  • The latest bi-weekly Polish Primary Market Auction (Phase 4 - CAP3) cleared at €76.71/ton CO2e, up from €71.50/ton CO2e in the previous auction on 8 January.
  • Investment Funds positioning in ICE German power futures continue to increase their net short position for the third consecutive week to reach another fresh high.
  • Germany may need to keep its mothballed coal power plants available for longer due to the delayed buildout of new gas power plants, Amprion said.
  • Belgium’s Tihange 1 nuclear reactor are currently scheduled to return on Wednesday after an unplanned outage due to a defective circulation pump.
  • Italian hydropower reserves last week fell at their fastest pace this year by 0.11TWh to 2.75TWh.
  • Italy’s Snam has started talks with France and Greece to trade CO2 from its Ravenna CCS project.
  • Norway’s two ruling parties are at odds whether to introduce the EU’s new energy regulations, NRK reported.
  • Lithuania may re-launch its tender for a second 700MW offshore wind farm in the Baltic Sea by April. 
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CWE front-month power futures reversed earlier gains, tracking similar movements in EU gas prices, with additional downside from steeper losses in EUAs. German Cal26 power is pulling back today with more significant losses in the energy complex further down the curve. 

  • Nordic Base Power FEB 25 unchanged at 33 EUR/MWh
  • France Base Power FEB 25 down 0.5% at 99.56 EUR/MWh
  • Germany Base Power FEB 25 down 0.5% at 109.36 EUR/MWh
  • EUA DEC 25 down 1% at 79.47 EUR/MT
  • TTF Gas FEB 25 up 0.1% at 50.065 EUR/MWh
  • TTF are holding onto gains amid concern for storage levels amid high withdrawals and due to an outage at the US Freeport LNG export terminal. Germany’s THE on Tuesday said it aims to introduce a mechanism to subsidize gas storage injections.
  • EU ETS December 2025 allowances pulling back amid bearish fundamentals with warmer, windier weather and a reversal of initial EU gas gains, despite speculator positioning turning again more bullish on the week with net long positionings at the highest since the week of 4 February 2022.
  • The latest bi-weekly Polish Primary Market Auction (Phase 4 - CAP3) cleared at €76.71/ton CO2e, up from €71.50/ton CO2e in the previous auction on 8 January.
  • Investment Funds positioning in ICE German power futures continue to increase their net short position for the third consecutive week to reach another fresh high.
  • Germany may need to keep its mothballed coal power plants available for longer due to the delayed buildout of new gas power plants, Amprion said.
  • Belgium’s Tihange 1 nuclear reactor are currently scheduled to return on Wednesday after an unplanned outage due to a defective circulation pump.
  • Italian hydropower reserves last week fell at their fastest pace this year by 0.11TWh to 2.75TWh.
  • Italy’s Snam has started talks with France and Greece to trade CO2 from its Ravenna CCS project.
  • Norway’s two ruling parties are at odds whether to introduce the EU’s new energy regulations, NRK reported.
  • Lithuania may re-launch its tender for a second 700MW offshore wind farm in the Baltic Sea by April.