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POWER: EU Mid-Day Power Summary: CWE, Nordic March Power Fall

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CWE front-month power futures have extended gains throughout the morning with sharper losses in EU gas prices, that also pushed EUAs into negative territory. Nordic March power is edging lower with losses in neighbouring markets weighed against cooler weather and a small downward revision in the region’s hydro balances. 

  • Nordic Base Power MAR 25 down 0.7% at 43.95 EUR/MWh
  • France Base Power MAR 25 down 3.2% at 87.05 EUR/MWh
  • Germany Base Power MAR 25 down 3% at 102.05 EUR/MWh
  • EUA DEC 25 down 0.5% at 80.54 EUR/MT
  • TTF Gas MAR 25 down 3.2% at 52.055 EUR/MWh
  • TTF extends the earlier decline to reverse some of the gains seen late last week as the market weighs the impact of rising US trade tensions with China.  Recent near normal temperatures and storage withdrawals are easing some pressure on winter supplies.
  • EU ETS December 2025 allowances resumed losses, weighed on by sharper declines in the European gas market. The potential for US tariffs on Europe is further adding to the downside.
  • The latest EU ETS CAP3 auction cleared lower at €79.06/ton CO2e, compared with €80.39/ton CO2e in the previous auction.
  • The Danish government announced late last week to delay the implementation of the CO2 tax on fisheries until 2030.
  • Poland is likely to fall short of the EU’s target to reduce emissions by 55% by 2030 compared with 1990 levels according to the OECD Economic Survey on Poland.
  • Power demand in Germany, France and the UK is expected to decline by 7% on the month in February to total 149GW. Residual load, in contrast, is forecast to rise on the month amid expectations of low wind output according to BNEF.
  • Uniper’s 1.05GW Datteln 4 hard-coal power plant is scheduled to return on Wednesday with output expected to ramp up from midday local time.
  • French nuclear output is forecast to average 45.1GW in February, which would be 2.4% above 2024 levels but down by 14% on the month due to lower fleet availability according to BNEF.
  • Belgium’s new coalition government is considering raising the country’s nuclear generation capacity by 4GW as part of the coalition agreement.
  • The 1.17GW Forsmark 3 will halt over 5-7 February due to valve problems in an unplanned outage. 
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CWE front-month power futures have extended gains throughout the morning with sharper losses in EU gas prices, that also pushed EUAs into negative territory. Nordic March power is edging lower with losses in neighbouring markets weighed against cooler weather and a small downward revision in the region’s hydro balances. 

  • Nordic Base Power MAR 25 down 0.7% at 43.95 EUR/MWh
  • France Base Power MAR 25 down 3.2% at 87.05 EUR/MWh
  • Germany Base Power MAR 25 down 3% at 102.05 EUR/MWh
  • EUA DEC 25 down 0.5% at 80.54 EUR/MT
  • TTF Gas MAR 25 down 3.2% at 52.055 EUR/MWh
  • TTF extends the earlier decline to reverse some of the gains seen late last week as the market weighs the impact of rising US trade tensions with China.  Recent near normal temperatures and storage withdrawals are easing some pressure on winter supplies.
  • EU ETS December 2025 allowances resumed losses, weighed on by sharper declines in the European gas market. The potential for US tariffs on Europe is further adding to the downside.
  • The latest EU ETS CAP3 auction cleared lower at €79.06/ton CO2e, compared with €80.39/ton CO2e in the previous auction.
  • The Danish government announced late last week to delay the implementation of the CO2 tax on fisheries until 2030.
  • Poland is likely to fall short of the EU’s target to reduce emissions by 55% by 2030 compared with 1990 levels according to the OECD Economic Survey on Poland.
  • Power demand in Germany, France and the UK is expected to decline by 7% on the month in February to total 149GW. Residual load, in contrast, is forecast to rise on the month amid expectations of low wind output according to BNEF.
  • Uniper’s 1.05GW Datteln 4 hard-coal power plant is scheduled to return on Wednesday with output expected to ramp up from midday local time.
  • French nuclear output is forecast to average 45.1GW in February, which would be 2.4% above 2024 levels but down by 14% on the month due to lower fleet availability according to BNEF.
  • Belgium’s new coalition government is considering raising the country’s nuclear generation capacity by 4GW as part of the coalition agreement.
  • The 1.17GW Forsmark 3 will halt over 5-7 February due to valve problems in an unplanned outage.