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POWER: EU Mid-Day Power Summary: CWE, Nordics Feb Power Extend Pullback

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German February power is pulling back to the lowest since 20 December, while the French equivalent is trading at the lowest since 23 December amid losses in the energy complex and an upward revision in temperature forecasts. Nordic February power is falling sharply today, reaching a new contract low, amid losses in EU gas and German power prices as well as downward pressure from improved hydro balances. 

  • Nordic Base Power FEB 25 down 8.1% at 36.75 EUR/MWh
  • France Base Power FEB 25 down 3% at 99.18 EUR/MWh
  • Germany Base Power FEB 25 down 3.3% at 104.28 EUR/MWh
  • EUA DEC 25 down 1.2% at 73.47 EUR/MT
  • TTF Gas FEB 25 down 2.1% at 46.35 EUR/MWh
  • TTF extends the pull back from highs last week with the forecast of slightly milder weather into the second half of January.  The market remains sensitive to risk of cold weather and low wind generation and any further pressure on storage after seeing stronger than normal withdrawal rates so far this winter.
  • EU ETS December 2025 allowances erased earlier gains to trade down on the day, weighed on by a resumption in losses in EU gas prices and forecasts for milder weather.
  • The latest EU ETS CAP3 auction cleared at €71.02/ton CO2e at a €0.11/ton CO2e discount to the futures contract according to EEX
  • German GHG emissions declined by 18mn tons, or 3%, on the year to a total of 656mn tons CO2e in 2024 – reaching a new record low, according to a study.
  • Germany’s emissions trading revenues reached a record €18.5bn in 2024, slightly up from €18.4bn in 2023, driven by growth in national CO2 pricing and expanded coverage, UBA data showed.
  • EU power demand increased by 1.3%, or 38TWh, on the year in 2024, with low GDP growth, continued higher prices and sluggish industrial output weighing on the bloc’s demand recovery according to ICIS.
  • French hydropower reserves last week decreased to 64.3% of capacity, down from 66.2% the week prior.
  • The unplanned outage at 1.5GW Civaux 1 has been shortened by one day to end on 7 January 23:00CET.
  • Poland is ready to supply Ukraine with electricity, Minister of Climate and Environment Paulina Hennig-Kloska said.
  • Romania’s planned coal-to-gas plant conversion project received the construction permit, with the 1.7GW Mintia gas plant anticipated to be operational in 36 months.
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German February power is pulling back to the lowest since 20 December, while the French equivalent is trading at the lowest since 23 December amid losses in the energy complex and an upward revision in temperature forecasts. Nordic February power is falling sharply today, reaching a new contract low, amid losses in EU gas and German power prices as well as downward pressure from improved hydro balances. 

  • Nordic Base Power FEB 25 down 8.1% at 36.75 EUR/MWh
  • France Base Power FEB 25 down 3% at 99.18 EUR/MWh
  • Germany Base Power FEB 25 down 3.3% at 104.28 EUR/MWh
  • EUA DEC 25 down 1.2% at 73.47 EUR/MT
  • TTF Gas FEB 25 down 2.1% at 46.35 EUR/MWh
  • TTF extends the pull back from highs last week with the forecast of slightly milder weather into the second half of January.  The market remains sensitive to risk of cold weather and low wind generation and any further pressure on storage after seeing stronger than normal withdrawal rates so far this winter.
  • EU ETS December 2025 allowances erased earlier gains to trade down on the day, weighed on by a resumption in losses in EU gas prices and forecasts for milder weather.
  • The latest EU ETS CAP3 auction cleared at €71.02/ton CO2e at a €0.11/ton CO2e discount to the futures contract according to EEX
  • German GHG emissions declined by 18mn tons, or 3%, on the year to a total of 656mn tons CO2e in 2024 – reaching a new record low, according to a study.
  • Germany’s emissions trading revenues reached a record €18.5bn in 2024, slightly up from €18.4bn in 2023, driven by growth in national CO2 pricing and expanded coverage, UBA data showed.
  • EU power demand increased by 1.3%, or 38TWh, on the year in 2024, with low GDP growth, continued higher prices and sluggish industrial output weighing on the bloc’s demand recovery according to ICIS.
  • French hydropower reserves last week decreased to 64.3% of capacity, down from 66.2% the week prior.
  • The unplanned outage at 1.5GW Civaux 1 has been shortened by one day to end on 7 January 23:00CET.
  • Poland is ready to supply Ukraine with electricity, Minister of Climate and Environment Paulina Hennig-Kloska said.
  • Romania’s planned coal-to-gas plant conversion project received the construction permit, with the 1.7GW Mintia gas plant anticipated to be operational in 36 months.