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POWER: France Front-Year Power Falls to Multi-Year Low

POWER
CEEMEAEurozoneEnergy BulletsFranceBulletPower BulletsCommodities

The French front-year power base-load contract has briefly hit the lowest since 7 June 2021 today at €65.47/MWh, after seeing a gradual decline since 11 February, largely tracking moves in the energy complex. 

  • French front-year power base load broke also briefly through the recent low of €65.50/MWh on 27 January. France Cal26 power base load hit the lowest since 19 December on an outright level.
  • The pullback in the energy complex since 11 February was driven by losses in EU gas prices amid talks on potential relaxation of EU gas storage targets, with a group of European nations pushing the European Commission to allow more flexibility on targets.
  • The extended move lower in recent days was exacerbated by record level US LNG exports, forecasts for milder weather and bearish sentiment from potential Ukraine peace talks.
    • France Power Cal26 down 0.8% at 65.75 EUR/MWh
    • TTF Gas Cal JAN 26 down 0.2% at 37.78 EUR/MWh
    • EUA DEC 26 down 3% at 77.04 EUR/t CO2e
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The French front-year power base-load contract has briefly hit the lowest since 7 June 2021 today at €65.47/MWh, after seeing a gradual decline since 11 February, largely tracking moves in the energy complex. 

  • French front-year power base load broke also briefly through the recent low of €65.50/MWh on 27 January. France Cal26 power base load hit the lowest since 19 December on an outright level.
  • The pullback in the energy complex since 11 February was driven by losses in EU gas prices amid talks on potential relaxation of EU gas storage targets, with a group of European nations pushing the European Commission to allow more flexibility on targets.
  • The extended move lower in recent days was exacerbated by record level US LNG exports, forecasts for milder weather and bearish sentiment from potential Ukraine peace talks.
    • France Power Cal26 down 0.8% at 65.75 EUR/MWh
    • TTF Gas Cal JAN 26 down 0.2% at 37.78 EUR/MWh
    • EUA DEC 26 down 3% at 77.04 EUR/t CO2e