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POWER: EU Mid-Day Power Summary: CWE Power Extends Gains

POWER
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CWE front-month power futures are extending yesterday’s gains, after initial trends lower in the morning, with a recovery in the European energy complex. Nordic front-month power is shrugging off gains in neighbouring markets amid an upward revision in the region’s hydro balances and forecasts for temperatures in line with the average. 

  • Nordic Base Power FEB 25 down 4.9% at 42 EUR/MWh
  • France Base Power FEB 25 up 1.7% at 118.66 EUR/MWh
  • Germany Base Power FEB 25 up 1.7% at 127.5 EUR/MWh
  • EUA DEC 25 up 0.7% at 83.52 EUR/MT
  • TTF Gas FEB 25 up 1.8% at 52.07 EUR/MWh
  • TTF has reversed the softer tone from that start of the day to reach a fresh high of $52.37/MWh amid tighter market risks from cooler weather and low wind generation this weekend.
  • EU ETS December 2025 allowances have erased earlier losses to trade higher on the day with support from a recovery in EU gas markets.
  • The latest EU ETS CAP3 auction cleared higher at €81.57/ton CO2e, compared with €77.06/ton CO2e in the previous auction and the highest since 17 October 2023.
  • The latest bullish momentum in EU carbon prices could see some downside risks next month, with an expected drop in power sector emissions, while lower gas prices could further limit the upside in EUAs according to BNEF.
  • Switzerland is planning to reduce GHG emissions by at least 65% by 2035 vs 1990 levels as part of the country’s new climate plan.
  • German power base-load prices are forecast to average €90/MWh this year, a Rabobank analyst said in a note.
  • The unplanned curtailment at the 2GW IFA power link between France and the UK has been extended by five days until 4 February.
  • The 1.01GW IFA2 power link had an unplanned outage on Thursday morning that has been extended until 2 February due to issues with the converter valves.
  • Fingrid will lift restrictions on connecting electricity storage facilities to the grid along the west coast starting 1 February 2025.
  • Estonia produced around 3.4TWh of renewable generation in 2024, accounting for 63% of the country’s total power output.
  • Poland’s 566MW unit 10 at its 2.2GW Kozienice 2 coal plant has extended its unplanned outage to 1 February from 30 January.
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CWE front-month power futures are extending yesterday’s gains, after initial trends lower in the morning, with a recovery in the European energy complex. Nordic front-month power is shrugging off gains in neighbouring markets amid an upward revision in the region’s hydro balances and forecasts for temperatures in line with the average. 

  • Nordic Base Power FEB 25 down 4.9% at 42 EUR/MWh
  • France Base Power FEB 25 up 1.7% at 118.66 EUR/MWh
  • Germany Base Power FEB 25 up 1.7% at 127.5 EUR/MWh
  • EUA DEC 25 up 0.7% at 83.52 EUR/MT
  • TTF Gas FEB 25 up 1.8% at 52.07 EUR/MWh
  • TTF has reversed the softer tone from that start of the day to reach a fresh high of $52.37/MWh amid tighter market risks from cooler weather and low wind generation this weekend.
  • EU ETS December 2025 allowances have erased earlier losses to trade higher on the day with support from a recovery in EU gas markets.
  • The latest EU ETS CAP3 auction cleared higher at €81.57/ton CO2e, compared with €77.06/ton CO2e in the previous auction and the highest since 17 October 2023.
  • The latest bullish momentum in EU carbon prices could see some downside risks next month, with an expected drop in power sector emissions, while lower gas prices could further limit the upside in EUAs according to BNEF.
  • Switzerland is planning to reduce GHG emissions by at least 65% by 2035 vs 1990 levels as part of the country’s new climate plan.
  • German power base-load prices are forecast to average €90/MWh this year, a Rabobank analyst said in a note.
  • The unplanned curtailment at the 2GW IFA power link between France and the UK has been extended by five days until 4 February.
  • The 1.01GW IFA2 power link had an unplanned outage on Thursday morning that has been extended until 2 February due to issues with the converter valves.
  • Fingrid will lift restrictions on connecting electricity storage facilities to the grid along the west coast starting 1 February 2025.
  • Estonia produced around 3.4TWh of renewable generation in 2024, accounting for 63% of the country’s total power output.
  • Poland’s 566MW unit 10 at its 2.2GW Kozienice 2 coal plant has extended its unplanned outage to 1 February from 30 January.