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French July Power Rebounds

POWER

France July Power base load is slightly rebounding today after falling to a new low of €37MWh earlier in the session, supported by gains in European gas prices and two nuclear extensions, while expectations of muted cooling demand are keeping a lid on gains.

    • France Base Power JUL 24 up 0.4% at 38.07 EUR/MWh
  • The latest ECMWF weather forecast for Paris showed temperatures will remain below the seasonal normal until 14 June, with maximum temperatures to reach 22C at the end of the forecast period, unlikely to spur any demand for electric cooling. The latest forecast for Marseille, south of France, saw maximum temperatures at 26C, likely boosting some demand for electric cooling. However, temperatures are currently forecast to fall from 9 June.
  • French nuclear availability has been stable on the day at 68%, or around 41.91GW, as of Tuesday morning, RTE data showed, cited by Reuters.
  • The planned maintenance at the 1.33GW Paluel 2 nuclear facility has been extended by four days until 14 June. Works at the 880MW Bugey 4 reactor have been extended by ten days until 23 June.
  • European natural gas prices are pulling higher today supported by increased LNG competition from Egypt.
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