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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
POWER
The French 4Q24 - 1Q25 power base-load spread has narrowed this month to €11.02/MWh, compared with €14.99/MWh at the start of this month amid high nuclear availability, high hydro stocks and sluggish demand recovery.
- France Power Qtr OCT 24 up 1.4% at 86.6 EUR/MWh
- France Power Qtr JAN 25 up 0.1% at 97.62 EUR/MWh
- Nuclear availability in France continues to improve this year, limiting supply risks during winter in case of severe cold.
- EdF said this month its nuclear generation this year is at the upper end of the 315-345TWh range, amid better reactor performance. Nuclear power generation stood at 177.4TWh in the first half of this year, up by 19.4TWh on the year.
- BNEF forecasts French nuclear generation to rise by 10.5% year on year in August to 35.3GW and by 3.9% this summer to 36GW, with overall output to reach 314TWh in 2024.
- Nuclear output is forecast to rise by 0.8% on the year this winter to 41.1GW.
- Nuclear availability was at 77% as of Wednesday morning, RTE data showed.
- French hydropower stocks in week 30 rebounded to climb to a fresh yearly high so far in 2024 – surpassing the previous high in week 28 – to end the week at 3,124GWh, RTE data showed.
- Reservoir levels continued to be above the same week in 2021-23 and widened the surplus to the same week last year to 123GWh from 87GWh in the previous week.
- The latest French hydro balance suggested is currently forecast to be positive until at least mid-August with the balance ending at around +2.94TWh according to Bloomberg.
- The power demand recovery in France remained sluggish with demand forecast to grow by 1% year on year to average 41.6GW this summer and to rise by 4.6% on the year to 56.6GW this winter.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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