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POWER: EU Mid-Day Power Summary: CWE, Nordics February Pull Back

POWER
CEEMEAEnergy BulletsBulletPower BulletsCommodities

CWE front-month power futures are pulling back today with losses in EU gas and an upward revision in temperature forecasts. Nordic February power is also pulling back with losses in the neighbouring markets and improved hydro balances in Norway. 

  • Nordic Base Power FEB 25 down 7.1% at 38.5 EUR/MWh
  • France Base Power FEB 25 down 3.8% at 93.05 EUR/MWh
  • Germany Base Power FEB 25 down 3.5% at 101.56 EUR/MWh
  • EUA DEC 25 down 0.3% at 77.72 EUR/MT
  • TTF Gas FEB 25 down 2.2% at 45.975 EUR/MWh
  • TTF is drifting down from a peak of €48.72/MWh earlier this week with warming weather into next week and higher LNG imports set against current high storage withdrawal rates.
  • EU ETS December 2025 allowances are edging lower in a choppy session with downside from EU gas prices and an upward revision in NW European weather forecasts. COT data on Wednesday showed investment funds are holding the largest total long position in EUAs since August 2022.
  • The latest EU ETS CAP3 auction cleared higher at €75.70/ton CO2e, compared with €74.45/ton CO2e in the previous auction and the highest since November 2023.
  • The release of the EU-wide bidding zone review has been delayed until spring 2025, as ongoing work to finalise configurations for national bidding zones in Central Europe requires additional time to meet agreed methodological standards.
  • The average price of European PPAs so far in January 2025 is on track to rise higher compared to the average price in December 2024, with PPA prices last year dropping by around 17% compared to 2023.
  • Sceirde Rocks Windfarm has submitted its application for consent to develop a 450MW offshore wind farm off Ireland’s western coast, with construction to begin in 2026.
  • The unplanned outage at EdF’s 660MW Heysham 2 nuclear reactor in the UK has been extended by one day until 24 January.
  • Statkraft has signed a 15-year PPA with Suomen Voima, starting January 2025, for the supply of around 100GWh/yr of renewable electricity from a hydropower plant and a wind farm.
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CWE front-month power futures are pulling back today with losses in EU gas and an upward revision in temperature forecasts. Nordic February power is also pulling back with losses in the neighbouring markets and improved hydro balances in Norway. 

  • Nordic Base Power FEB 25 down 7.1% at 38.5 EUR/MWh
  • France Base Power FEB 25 down 3.8% at 93.05 EUR/MWh
  • Germany Base Power FEB 25 down 3.5% at 101.56 EUR/MWh
  • EUA DEC 25 down 0.3% at 77.72 EUR/MT
  • TTF Gas FEB 25 down 2.2% at 45.975 EUR/MWh
  • TTF is drifting down from a peak of €48.72/MWh earlier this week with warming weather into next week and higher LNG imports set against current high storage withdrawal rates.
  • EU ETS December 2025 allowances are edging lower in a choppy session with downside from EU gas prices and an upward revision in NW European weather forecasts. COT data on Wednesday showed investment funds are holding the largest total long position in EUAs since August 2022.
  • The latest EU ETS CAP3 auction cleared higher at €75.70/ton CO2e, compared with €74.45/ton CO2e in the previous auction and the highest since November 2023.
  • The release of the EU-wide bidding zone review has been delayed until spring 2025, as ongoing work to finalise configurations for national bidding zones in Central Europe requires additional time to meet agreed methodological standards.
  • The average price of European PPAs so far in January 2025 is on track to rise higher compared to the average price in December 2024, with PPA prices last year dropping by around 17% compared to 2023.
  • Sceirde Rocks Windfarm has submitted its application for consent to develop a 450MW offshore wind farm off Ireland’s western coast, with construction to begin in 2026.
  • The unplanned outage at EdF’s 660MW Heysham 2 nuclear reactor in the UK has been extended by one day until 24 January.
  • Statkraft has signed a 15-year PPA with Suomen Voima, starting January 2025, for the supply of around 100GWh/yr of renewable electricity from a hydropower plant and a wind farm.