POWER: EU Mid-Day Power Summary: CWE Jan Power Slides to Over One-Month Low

France January power is trading at the lowest since 1 November, while Germany January has briefly hit the lowest since 7 November, before recovering, due to forecasts for mild, windy weather and a pullback in the wider energy complex. Nordic January power is tracking a new contract low weighed on by mild weather and losses in EU gas.  

• Nordic Base Power JAN 25 down 1% at 50.15 EUR/MWh
• France Base Power JAN 25 down 2.9% at 90.08 EUR/MWh
• Germany Base Power JAN 25 down 3.5% at 105.5 EUR/MWh
• EUA DEC 24 down 1.4% at 67.68 EUR/MT
• TTF Gas JAN 25 down 3% at 43.36 EUR/MWh
• TTF front month falls to the lowest since Nov. 13 as warmer and windier weather next week is expected to limit gas demand while small Norwegian supply outages are easing.
• EU ETS December 2024 has extended losses through the morning with downside from EU gas prices.
• The latest EU ETS CAP3 auction cleared higher at €67.95/ton CO2e, compared with €67/ton CO2e in the previous auction, while narrowing the discount to the futures contract.
• RWE’s 1.05GW Neurath F lignite-fired power plant in Germany will be offline for two days from 12 December 19:00CET.
• UK ministers are eying to introduce the country’s biggest ever renewable energy subsidy auction in 2025, the FT reported.
• Norway’s two governing bodies are proposing to abandon the power interconnector with Denmark as well as renegotiating connections to the UK and Germany amid high domestic power prices, the coalition said, cited by FT.
• Danish TSO Energinet anticipates that situations of “Dunkelflaute” will not immediately occur more often in the coming years but will be more “noticeable for the electricity system when it occurs”.
• Enefit said on Wednesday it has submitted the environmental impact assessment report for its planned 1GW Liivi Bay offshore wind project in the Gulf of Riga in Estonia, to the Technical Regulatory Authority.
• French Financial entities Bpifrance Assurance Export and Sfil are interested in funding Poland’s first nuclear power plant in the Pomeranian region, with the firms offering PLN15bn (€3.50bn).