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France July Extends Gains

POWER

The French July power base-load contract is edging higher today, after yesterday’s rally, amid gains in the European energy complex, shrugging off forecasts for slightly cooler weather. German front-week power base load is edging lower as forecasts suggested higher wind output next week.

    • France Base Power JUL 24 up 1.7% at 55 EUR/MWh
    • Germany Base Power JUL 24 up 0.8% at 73.85 EUR/MWh
    • EUA Dec 24 up 0.97% at 68.58 EUR/MT
    • TTF Gas JUL 24 up 0.9% at 35.15 EUR/MWh
  • TTF front month is edging higher today with no clear direction as supply risks from strong Asia demand and Russia supply are weighed against healthy storage levels and a cooling weather forecast.
  • EU ETS Dec 24 are continuing the trend higher following small gains in European natural gas prices.
  • In Germany, forecasts for wind output have been slightly revised up with output at 4.48GW to 22.71GW during base load between 27 June and 3 July. Solar PV output is forecast to ease back slightly from Sunday onwards, with output forecast at 17.19GW to 30.97GW during peak load between 26 June to 3 July according to SpotRenewables.
  • Power demand in Germany is forecast at a maximum of 63.41GW on Wednesday and dip slightly to a peak of 63.02GW on Thursday.
  • In France, nuclear availability was stable on the day at 70% as of Wednesday morning, RTE data showed, cited by Bloomberg.
  • French power demand is forecast at a maximum of 51.87GW on Wednesday and ease back to maximum of 50.62GW on Thursday according to Entso-E.
  • The latest ECMWF weather forecast for Paris suggested temperatures have been revised down for early July. Mean temperatures are forecast to fall below the seasonal normal from 30 June and stay below normal until 5 July.
  • In France, forecasts suggested wind output at 2.2GW to 3.97GW during base load between 27 June and 5 July. Solar PV output is forecast at 5.28GW-8.96GW during peak load between 27 June and 5 July according to SpotRenewables.
  • In Switzerland, the 1.02GW Goesgen nuclear unit is scheduled to return today 12:30CET following spring maintenance.
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