France M1 Nears June Low

France July power base load is edging lower, further extending yesterday’s losses and nearing the lowest since 5 June amid bearish fundamentals, a downward revision in temperature forecasts and losses in the wider energy complex. Workers at France’s EdF are scheduled to start strike action Wednesday evening for 24h.

• France Base Power JUL 24 down 0.7% at 37.5 EUR/MWh
• Germany Base Power JUL 24 down 1.3% at 71.81 EUR/MWh
• EUA DEC 24 down 0.4% at 67.75 EUR/MT
• TTF Gas JUL 24 down 0.4% at 34.09 EUR/MWh
• TTF is drifting down from a peak of €36.885/MWh on June 13 with muted demand and healthy storage levels set against ongoing supply risks.
• EU ETS Dec 24 is edging higher down amid gains in European gas prices. The next EU EUA auction will clear today at 11:00 CET.
• German wind output has been revised up on the day and is now forecast at 4.7GW to 13.81GW during base load on 19 to 25 June. Solar PV output is forecast at 16.13GW to 27.4GW during peak load on 19-27 June according to SpotRenewables.
• French nuclear availability declined to 69% of capacity as of Tuesday morning, down from 70% morning the day earlier, data showed, cited by Bloomberg.
• EdF’s Chooz 2 nuclear reactor had an unplanned outage on Tuesday early morning. The reactor is scheduled to return this evening.
• Unplanned works also shut down the IFA2 Tourbe-Dædalus interconnector between France and the UK until this evening. The unplanned outage started late on Sunday, remit data showed.
• French power demand is forecast to reach a maximum of 49.75GW on Tuesday and of 50.12GW on Wednesday according to Entso-E.
• The latest ECMWF weather forecast for Paris suggested temperatures have been revised down to be broadly in line with the seasonal norm for the forecast period with maximum temperatures reaching 25C on 26 June.
• Forecasts for wind output in France suggested 1.99GW-5.55GW during base load on 19-27 June. Solar PV output in France is forecast at 3.69GW-8.42GW during peak load on 19-27 June according to SpotRenewables.
• German net power imports from France stood at 2.358GW as of 7:30 CET, compared with 2.912GW at the same time on Monday, Entso-E data showed.