February 24, 2025 12:21 GMT
POWER: EU Mid-Day Power Summary: CWE March Power Shrugs Off Gas Losses
POWER
CWE front-month power futures are holding onto gains on Monday, shrugging off losses in the energy complex. Nordic front-month power futures are trending lower with EU gas weakness, an upward revision in Sweden’s hydro balance and forecasts for above-normal temperatures.
- Nordic Base Power MAR 25 down 3% at 33.8 EUR/MWh
- France Base Power MAR 25 up 4.5% at 73.86 EUR/MWh
- Germany Base Power MAR 25 up 2.7% at 89.94 EUR/MWh
- EUA DEC 25 down 2% at 72.41 EUR/MT
- TTF Gas MAR 25 down 4.4% at 45.12 EUR/MWh
- European gas prices are extending their decline further on Monday to a six-week low following milder weather and slower storage withdrawals.
- EUAs Dec25 are trading lower, weighed on by losses in EU gas prices.
- The latest EU ETS CAP3 auction cleared at lower at €70.80/ton CO2e, compared with €71.21/ton CO2e in the previous auction on 20 February, narrowing the premium to the futures contract.
- Preliminary results of the German federal election from 23 February suggest a high likelihood for a coalition between the CDU and SPD parties. This is unlikely to drastically change Germany’s energy and climate policies.
- Uniper’s 1.05GW Datteln 4 coal-fired power plant will be offline until 10 March in a planned maintenance.
- Power generation from biomass should be included under the UK ETS as emissions exceed those from coal and gas when used for power generation according to BNEF.
- Italy’s Ministry of the Environment and Energy Security will provide €38mn of funding to promote self-consumption, energy storage, and Renewable Energy Communities.
- The EC and the High Representative propose to enhance the security and resilience of submarine cables through improved monitoring, security requirements, increase repair capacity, and enforce sanctions against “hostile” actors.
- The European Commission has offered a support package for Ukraine’s and Moldova’s full integration into the European electricity market by spring 2027.
- Lithuania is planning for its energy mix to be completely renewable by 2028, with around 4.5GW of offshore wind potential in the country’s economic zone.
315 words