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POWER: EU Mid-Day Power Summary: CWE January Power Falls on Gas

POWER

CWE front-month power is pulling back today with lower EU gas prices amid hopes of further gas supplies via the Ukrainian transit route from 2025. CWE front-week power is trading higher with NW European wind output to ease from 24 December. 

  • Nordic Base Power JAN 25 up 1.2% at 49 EUR/MWh
  • France Base Power JAN 25 down 1.5% at 85.39 EUR/MWh
  • Germany Base Power JAN 25 down 1.9% at 99.11 EUR/MWh
  • EUA DEC 25 up 1.7% at 65.33 EUR/MT
  • TTF Gas JAN 25 down 1.8% at 41.305 EUR/MWh
  • TTF pulls back after a rally yesterday as the market weighs future pipeline gas supplies from Russia to Europe. Slovakia PM sees possible “elegant” technical solutions to gas supplies and will discuss with Von der Leyen on Thursday, Bloomberg said.
  • Investment funds net long positioning in ICE TTF futures fell for a second week in the week to Dec. 13 but remain strong after rising to a record high in November
  • EU ETS December 2025 are trading higher today with forecasts suggesting lower wind output early January, diverging from moves lower in EU gas and bearish speculator positioning in EU ETS futures in last week’s COT data, following seven weeks of more bullish positonings.
  • The EU’s planned 2040 climate target that is expected to be presented early next year has hit roadblocks this week with member states having different views of the role of nuclear energy in the target.
  • Global coal demand is set to reach an all-time high of 8.77 bn/t in 2024, driven largely by power generation in China and India, the IEA said.
  • EdF’s new 1.6GW Flamanville 3 reactor is expected to be connected to the grid on 20 December.
  • EdF has shortened planned maintenance of the 890MW Dampierre 4 reactor by six days to 22 December. The 1.33GW Paluel 4 reactor will be offline for 24h until Thursday morning in an unplanned outage.
  • Investment Funds positioning in ICE German power futures increased their net short position again from the previous week to be at just above minus 9.5mn.
  • Swiss hydropower reserves last week declined by 5.3 percentage points to 56.5% of capacity.
  • Hydro Energi has signed a 10-year PPA with A Energi to purchase 438GWh/yr of renewable energy or Hydro’s aluminium plant in Norway.
  • Both units at PGE’s 1.36GW gas-fired power plant have had an unplanned outage today due to “emergency repairs,” with the power plant offline until 20 Dec.
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CWE front-month power is pulling back today with lower EU gas prices amid hopes of further gas supplies via the Ukrainian transit route from 2025. CWE front-week power is trading higher with NW European wind output to ease from 24 December. 

  • Nordic Base Power JAN 25 up 1.2% at 49 EUR/MWh
  • France Base Power JAN 25 down 1.5% at 85.39 EUR/MWh
  • Germany Base Power JAN 25 down 1.9% at 99.11 EUR/MWh
  • EUA DEC 25 up 1.7% at 65.33 EUR/MT
  • TTF Gas JAN 25 down 1.8% at 41.305 EUR/MWh
  • TTF pulls back after a rally yesterday as the market weighs future pipeline gas supplies from Russia to Europe. Slovakia PM sees possible “elegant” technical solutions to gas supplies and will discuss with Von der Leyen on Thursday, Bloomberg said.
  • Investment funds net long positioning in ICE TTF futures fell for a second week in the week to Dec. 13 but remain strong after rising to a record high in November
  • EU ETS December 2025 are trading higher today with forecasts suggesting lower wind output early January, diverging from moves lower in EU gas and bearish speculator positioning in EU ETS futures in last week’s COT data, following seven weeks of more bullish positonings.
  • The EU’s planned 2040 climate target that is expected to be presented early next year has hit roadblocks this week with member states having different views of the role of nuclear energy in the target.
  • Global coal demand is set to reach an all-time high of 8.77 bn/t in 2024, driven largely by power generation in China and India, the IEA said.
  • EdF’s new 1.6GW Flamanville 3 reactor is expected to be connected to the grid on 20 December.
  • EdF has shortened planned maintenance of the 890MW Dampierre 4 reactor by six days to 22 December. The 1.33GW Paluel 4 reactor will be offline for 24h until Thursday morning in an unplanned outage.
  • Investment Funds positioning in ICE German power futures increased their net short position again from the previous week to be at just above minus 9.5mn.
  • Swiss hydropower reserves last week declined by 5.3 percentage points to 56.5% of capacity.
  • Hydro Energi has signed a 10-year PPA with A Energi to purchase 438GWh/yr of renewable energy or Hydro’s aluminium plant in Norway.
  • Both units at PGE’s 1.36GW gas-fired power plant have had an unplanned outage today due to “emergency repairs,” with the power plant offline until 20 Dec.