German August Power Tracks Weekly Net Loss

The German August power base-load contract is edging lower today, amid mixed movements in the European energy complex, tracking a weekly net decline of above 6%, weighed on by declines in European gas and carbon allowances. France August power is broadly stable on the week.

• France Base Power AUG 24 down 0.9% at 44.15 EUR/MWh
• Germany Base Power AUG 24 down 0.8% at 69.4 EUR/MWh
• EUA DEC 24 down 0.1% at 68.27 EUR/MT
• TTF Gas AUG 24 down 0.2% at 31.04 EUR/MWh

• Front month TTF pulled initially higher this morning as markets await the return of the Freeport LNG terminal, while fundamentals remained stable.
• ETS Dec 24 is struggling to find a clear direction this morning, as seen in previous sessions this week, with some support from natural gas prices. The next DE EUA CAP 3 auction will clear today 11:00am CET.
• In Germany, combined onshore and offshore wind output is forecast at 2.22GW to 12.29GW during base load on 13-19 July. Solar PV output is forecast at 23.11GW-29.45GW during peak load on 13-21 July according to SpotRenewables.
• Power demand in Germany is forecast to reach a peak of 63GW on Friday according to Entso-E.
• In France nuclear availability was stable at 68% of capacity as of Friday morning, RTE data showed, cited by Reuters.
• The unplanned outage at 1.31GW Nogent 1 is scheduled to end on Friday afternoon, with output ramping up after. Planned works at 880MW Bugey 4 have been extended by one day until Friday morning.
• Planned works at the 1.5GW Chooz 2 reactor have been extended to 26 August, from 17 August previously scheduled.
• French power demand is forecast to reach a peak of 50.55GW on Friday, before falling to a maximum of 45.15GW and 43.03GW on Saturday and Sunday, respectively, Entso-E data showed.
• The latest 6-10 day ECMWF weather forecast for Paris suggested mean temperatures have been revised up slightly for the rest of this week. Temperatures are forecast below seasonal normal on 12-14 July after which they rise well above normal.
• Temperatures in the south, Marseille, have been revised higher with maximum temperatures forecast to reach around 35C on 20 July.
• In France, forecasts suggested wind output at 1.25GW-4.59GW during base load on 13-21 July. Solar PV output is forecast at 6.8GW-8.88GW during peak load on 13-21 July according to SpotRenewables.
• The unplanned outage at the IFA 1 Mandarins-Sellindge power interconnector between France and the UK has been extended by one day until 13 July 22:59CET. Capacity has been reduced by 960MW in the France-UK direction, and by 750MW in the opposite direction