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POWER: EU Midday Power Summary: FR-DE April Discount Narrows

POWER
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The French-Germany April power contract discount has narrowed to its lowest level since 26 February as losses in the EU ETS market have capped German gains from slightly elevated TTF costs. The Nordic 2Q25 is still trading in green amid planned works at several nuclear plants over the period, with gains in Germany supportive.

  • Nordic Base Power 2Q25 up 1.4% at 21.40 EUR/MWh
  • France Base Power APR 25 up 1.6% at 57.5 EUR/MWh
  • Germany Base Power APR 25 up 0.3% at 79.62 EUR/MWh
  • EUA DEC 25 down 0.6% at 72.35 EUR/MT
  • TTF Gas APR 25 up 0.3% at 45.27 EUR/MWh
  • Rotterdam Coal MAR 25 down 0.1% at 92.55 USD/MT
  • TTF front-month prices have given back most of their gains from the early morning as refill supply risks are set against warmer weather into March reducing demand and easing pressure on storage withdrawals.
  • EU ETS prices remain in red territory amid windier and warmer weather in NW Europe heading into next week. Additional downward pressure has been placed as TTF has given back most of its gains.
  • The latest weekly German EUA CAP3 auction cleared lower at €70.65/ton CO2e, compared with €73.01/ton CO2e in the previous auction a week ago.
  • The UK introduced a new rule that operators must surrender their free allowances if installations cease operations.
  • Siemens Energy has signed an exclusive agreement to supply steam turbines, generators, and auxiliary systems for Rolls-Royce's Generation 3+ SMRs.
  • Italy’s cabinet on Friday adopted a new legal framework to revive nuclear power.
  • Italian Terna’s main capacity auction for the 2027 delivery year resulted in total contracted volumes of 38.64GW, with all volumes contracted at €47,000/MW/yr.
  • Italy’s Fer X transitory decree is set to come into force on 28 February, with the mechanism supporting the construction of renewables, like solar, wind, and hydro.
  • Amazon has entered an 870MW PPA with Iberdrola for 17 renewable projects across Spain and Portugal.
  • France and Morocco are considering connecting power countries with a new power interconnector.
  • Serbian TSO Elektromreža Srbije has received its first two grid connection applications for two BESS projects.
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The French-Germany April power contract discount has narrowed to its lowest level since 26 February as losses in the EU ETS market have capped German gains from slightly elevated TTF costs. The Nordic 2Q25 is still trading in green amid planned works at several nuclear plants over the period, with gains in Germany supportive.

  • Nordic Base Power 2Q25 up 1.4% at 21.40 EUR/MWh
  • France Base Power APR 25 up 1.6% at 57.5 EUR/MWh
  • Germany Base Power APR 25 up 0.3% at 79.62 EUR/MWh
  • EUA DEC 25 down 0.6% at 72.35 EUR/MT
  • TTF Gas APR 25 up 0.3% at 45.27 EUR/MWh
  • Rotterdam Coal MAR 25 down 0.1% at 92.55 USD/MT
  • TTF front-month prices have given back most of their gains from the early morning as refill supply risks are set against warmer weather into March reducing demand and easing pressure on storage withdrawals.
  • EU ETS prices remain in red territory amid windier and warmer weather in NW Europe heading into next week. Additional downward pressure has been placed as TTF has given back most of its gains.
  • The latest weekly German EUA CAP3 auction cleared lower at €70.65/ton CO2e, compared with €73.01/ton CO2e in the previous auction a week ago.
  • The UK introduced a new rule that operators must surrender their free allowances if installations cease operations.
  • Siemens Energy has signed an exclusive agreement to supply steam turbines, generators, and auxiliary systems for Rolls-Royce's Generation 3+ SMRs.
  • Italy’s cabinet on Friday adopted a new legal framework to revive nuclear power.
  • Italian Terna’s main capacity auction for the 2027 delivery year resulted in total contracted volumes of 38.64GW, with all volumes contracted at €47,000/MW/yr.
  • Italy’s Fer X transitory decree is set to come into force on 28 February, with the mechanism supporting the construction of renewables, like solar, wind, and hydro.
  • Amazon has entered an 870MW PPA with Iberdrola for 17 renewable projects across Spain and Portugal.
  • France and Morocco are considering connecting power countries with a new power interconnector.
  • Serbian TSO Elektromreža Srbije has received its first two grid connection applications for two BESS projects.