EU Power Summary at European Close: CWE Front Month Flips Red

The CWE month-ahead power contracts have flipped into negative territory, after having been in green for most of Monday’s trading session, to track similar price movements in TTF. However, losses have been somewhat limited as EU ETS prices remain sharply up on the day, coupled with higher coal costs.

• France Base Power SEP 24 down 0.05% at 62.25 EUR/MWh
  
• Germany Base Power SEP 24 down 0.1% at 91.24 EUR/MWh
• EUA DEC 24 up 3.2% at 72.35 EUR/MT
• TTF Gas SEP 24 down 1.6% at 39.74 EUR/MWh
• Rotterdam Coal SEP 24 up 0.8% at 125.05 USD/MT
• EU ETS Dec 24 has remained in green towards the end of the session amid EU member states distributing less than 10 million EUAs for 2024 to industrial installations in the last two weeks according to Carbon Pulse. This leaves the market with 21% of the annual allocation still to be handed out to industrial emitters.
• The latest EU ETS CAP3 EU auction also cleared higher at €71.15/ton CO2e from €68.90/ton CO2e in the previous auction according to EEX.
• Front-month TTF has erased earlier gains to trade lower on the day with supply fears easing after the operator confirmed gas flows via the Sudzha transit point are set to remain normal on Tuesday, despite ongoing tensions in the Kursk region.
• French net cross-border flows to Germany have averaged 2.35GW over 1-12 August, remaining firm from 2.38GW across the entirety of July, Entso-E data showed.
• EdF has extended potential cuts to nuclear generation at the 3.58GW Bugey nuclear complex by two days until 20 August, amid forecasts for high river temperatures at the Rhone river, remit data showed.
• Germany has awarded three companies – Offshore Wind Four GmbH, Offshore Wind Two GmbH and Waterekke Energy GmbH – in the latest offshore wind tender round for centralised areas from 1 August according to Bnetza.
• RWE has secured two offshore wind sites with a combined capacity of 4GW in the latest German offshore wind tender round, the firm said.
• Sweden is considering state-backed loans and CfDs – similar to the Czech Republic – as funding for new nuclear reactors according to a government study, cited by Bloomberg.
• French Qair is planning to install just over 1GW of floating offshore wind in Spain, with the country hoping to implement 3GW of floating wind capacity by 2030, the firm said cited by El Espanol.