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POWER: EU Mid-Day Power Summary: German Cal26 Power at 15-Months High

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The German Cal26 power base-load contract has extended gains on Monday to trade at the highest since 16 November 2023, supported by another rally in EU gas prices. Nordic March power is rallying today to the highest since mid-December, supported by a drier outlook and gains in EU gas and German power prices.

  • Nordic Base Power MAR 25 up 7.7% at 46.6 EUR/MWh
  • France Base Power MAR 25 up 5.4% at 97.4 EUR/MWh
  • Germany Base Power MAR 25 up 3.7% at 112.01 EUR/MWh
  • EUA DEC 25 up 1.7% at 83.67 EUR/MT
  • TTF Gas MAR 25 up 4.2% at 58.05 EUR/MWh
  • TTF rallies to the highest since February 2023 at €58.0/MWh with the risk to gas storage from a drop in temperatures and expected boost to heating demand in NW Europe later this week.
  • EU ETS December 2025 allowances are trading higher with support from EU gas prices and forecasts for cool weather. The latest EU ETS CAP3 auction cleared higher at €81.27/ton CO2e, compared with €79.75/ton CO2e in the previous auction on 6 February, while narrowing the discount to the futures contract.
  • The EC is preparing a proposal to spare carmakers from steep emissions fines while still meeting ambitious green transport goals, with the proposal set for March.
  • Germany received 524 bids for a combined capacity of 4.708GW in the latest solar PV auction round from 1 December, well above the offered capacity of 2.148GW,
  • France has pledged 1GW of nuclear power to a new AI computing project, with the initiative aiming to deploy 250MW by 2026 and expand to 10GW by 2030.
  • Planned maintenance at EdF’s 1.31GW Nogent 2 nuclear reactor has been extended by 13 hours to end on 11 February 12:00 CET.
  • The UK government on Monday said it has reached a new agreement with Drax under which it will halve subsidies for the firm over the 2027-2031 period.
  • Europe's data centre boom could drive up power demand by up to 160% by 2030, with annual CO2 emissions reaching 39 mn/t in 2030 if the growth is powered by fossil fuels.
  • Statnett reported €147.3mn in congestion revenues for January, the highest since September 2022, driven by significant power exchange and price differences within Norway and between Norway, the UK, and the continent.
  • Serbia’s second renewable auction round received a total of 40 applications for a combined capacity of 1.171GW. 
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The German Cal26 power base-load contract has extended gains on Monday to trade at the highest since 16 November 2023, supported by another rally in EU gas prices. Nordic March power is rallying today to the highest since mid-December, supported by a drier outlook and gains in EU gas and German power prices.

  • Nordic Base Power MAR 25 up 7.7% at 46.6 EUR/MWh
  • France Base Power MAR 25 up 5.4% at 97.4 EUR/MWh
  • Germany Base Power MAR 25 up 3.7% at 112.01 EUR/MWh
  • EUA DEC 25 up 1.7% at 83.67 EUR/MT
  • TTF Gas MAR 25 up 4.2% at 58.05 EUR/MWh
  • TTF rallies to the highest since February 2023 at €58.0/MWh with the risk to gas storage from a drop in temperatures and expected boost to heating demand in NW Europe later this week.
  • EU ETS December 2025 allowances are trading higher with support from EU gas prices and forecasts for cool weather. The latest EU ETS CAP3 auction cleared higher at €81.27/ton CO2e, compared with €79.75/ton CO2e in the previous auction on 6 February, while narrowing the discount to the futures contract.
  • The EC is preparing a proposal to spare carmakers from steep emissions fines while still meeting ambitious green transport goals, with the proposal set for March.
  • Germany received 524 bids for a combined capacity of 4.708GW in the latest solar PV auction round from 1 December, well above the offered capacity of 2.148GW,
  • France has pledged 1GW of nuclear power to a new AI computing project, with the initiative aiming to deploy 250MW by 2026 and expand to 10GW by 2030.
  • Planned maintenance at EdF’s 1.31GW Nogent 2 nuclear reactor has been extended by 13 hours to end on 11 February 12:00 CET.
  • The UK government on Monday said it has reached a new agreement with Drax under which it will halve subsidies for the firm over the 2027-2031 period.
  • Europe's data centre boom could drive up power demand by up to 160% by 2030, with annual CO2 emissions reaching 39 mn/t in 2030 if the growth is powered by fossil fuels.
  • Statnett reported €147.3mn in congestion revenues for January, the highest since September 2022, driven by significant power exchange and price differences within Norway and between Norway, the UK, and the continent.
  • Serbia’s second renewable auction round received a total of 40 applications for a combined capacity of 1.171GW.