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POWER: EU Mid-Day Power Summary: CWE, Nordic Feb Power Rise

POWER
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CWE front-month power prices are trading higher, with France leading gains, supported by forecasts for colder weather for longer and gains in EU gas prices. Nordic March power is extending Friday’s gains, supported by a weakened hydro balance in the region and gains in neighbouring markets. 

  • Nordic Base Power MAR 25 up 6.7% at 45.5 EUR/MWh
  • France Base Power MAR 25 up 2.9% at 91.14 EUR/MWh
  • Germany Base Power MAR 25 up 0.8% at 107.11 EUR/MWh
  • EUA DEC 25 down 1.7% at 82.48 EUR/MT
  • TTF Gas MAR 25 up 2% at 54.325 EUR/MWh
  • TTF front month has been holding onto gains this morning as oil prices rose in reaction to US trade tariffs.  US President Trump again threatened the EU with tariffs. Concerns for low storage and cool temperatures in early Feb are supporting prices.
  • EU ETS December 2025 allowances are pulling back on Monday following US President Trump’s announcement to impose tariffs on several nations and warnings that he will impose similar tariffs on the EU. Downside is limited by forecasts for colder-for-longer weather, an upward revision in EU manufacturing PMI data and gains in EU gas prices.
  • The latest EU ETS CAP3 auction cleared lower at €80.39/ton CO2e, compared with the previous auction at €81.57/ton CO2e on 30 January.
  • The Eurozone manufacturing PMI saw a five tenth upward revision to 46.6 (vs 46.1 flash, 45.1 prior), driven by a notable upward revision in Germany to 45.0 (vs 44.1 flash).
  • If the UK included refineries and chemical producers in its upcoming CBAM, companies like Ineos could face a five-fold increase in carbon costs, according to BNEF.
  • The German Parliament last week passed a legislation that new solar PV systems will no longer receive EEG compensation at times of negative power prices.
  • EdF’s new 1.62GW Flamanville 3 nuclear reactor will be offline two days longer until 5 February 23:00CET, after which it will resume test runs with 100MW.
  • Scotland’s offshore wind industry risks losing momentum if developers fail to secure more contracts in the upcoming UK renewables subsidy auction, Scotland's Deputy First Minister said.
  • The Noordzeker consortium has signed an agreement with Tennet for the offshore grid connection of the 2GW IJmuiden Ver Alpha wind farm in the Netherlands.
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CWE front-month power prices are trading higher, with France leading gains, supported by forecasts for colder weather for longer and gains in EU gas prices. Nordic March power is extending Friday’s gains, supported by a weakened hydro balance in the region and gains in neighbouring markets. 

  • Nordic Base Power MAR 25 up 6.7% at 45.5 EUR/MWh
  • France Base Power MAR 25 up 2.9% at 91.14 EUR/MWh
  • Germany Base Power MAR 25 up 0.8% at 107.11 EUR/MWh
  • EUA DEC 25 down 1.7% at 82.48 EUR/MT
  • TTF Gas MAR 25 up 2% at 54.325 EUR/MWh
  • TTF front month has been holding onto gains this morning as oil prices rose in reaction to US trade tariffs.  US President Trump again threatened the EU with tariffs. Concerns for low storage and cool temperatures in early Feb are supporting prices.
  • EU ETS December 2025 allowances are pulling back on Monday following US President Trump’s announcement to impose tariffs on several nations and warnings that he will impose similar tariffs on the EU. Downside is limited by forecasts for colder-for-longer weather, an upward revision in EU manufacturing PMI data and gains in EU gas prices.
  • The latest EU ETS CAP3 auction cleared lower at €80.39/ton CO2e, compared with the previous auction at €81.57/ton CO2e on 30 January.
  • The Eurozone manufacturing PMI saw a five tenth upward revision to 46.6 (vs 46.1 flash, 45.1 prior), driven by a notable upward revision in Germany to 45.0 (vs 44.1 flash).
  • If the UK included refineries and chemical producers in its upcoming CBAM, companies like Ineos could face a five-fold increase in carbon costs, according to BNEF.
  • The German Parliament last week passed a legislation that new solar PV systems will no longer receive EEG compensation at times of negative power prices.
  • EdF’s new 1.62GW Flamanville 3 nuclear reactor will be offline two days longer until 5 February 23:00CET, after which it will resume test runs with 100MW.
  • Scotland’s offshore wind industry risks losing momentum if developers fail to secure more contracts in the upcoming UK renewables subsidy auction, Scotland's Deputy First Minister said.
  • The Noordzeker consortium has signed an agreement with Tennet for the offshore grid connection of the 2GW IJmuiden Ver Alpha wind farm in the Netherlands.