German Curve Falls

The German power curve is edging lower today amid losses in European gas prices and carbon allowances. German front-week

• Germany Base Power JUL 24 down 0.9% at 74.95 EUR/MWh
• Germany Power Cal JAN 25 down 0.7% at 92.5 EUR/MWh
• EUA DEC 24 down 0.6% at 71.4 EUR/MT
• TTF Gas JUL 24 down 1% at 33.03 EUR/MWh
• TTF front month is easing back further from the surge earlier this week amid easing concerns over a Norwegian supply, robust EU gas storage levels, and tepid regional demand.
• EU ETS Dec 24 is edging lower today, amid losses in European gas markets and latest positioning data suggesting speculators have turned more bearish, but prices remained within this week’s range. The next EU EUA auction will clear today at 11:00 CET.
• Cargo shipping in the south part of the Rhine River is still closed on Thursday morning, but may reopen on Friday, WSA said, cited by Reuters.
• German wind output forecasts have been revised up for this weekend and the start of next week but revised down for mid next week. Combined onshore and offshore output is forecast at 1.93GW-14.39GW during base load between 7 and 13 June. Solar PV output in Germany is expected to remain high until mid-next week, when output is forecast to drop. Solar PV output in Germany is forecast at 10.95-27.1GW on 7-15 June during peak-load hours according to SpotRenewables.
• German power demand is expected at a maximum of 63.64GW on Thursday and of 62.7GW on Friday according to Entso-E. German power demand stood at 60.24GW as of this morning.
• French nuclear availability has been stable on the day at 68% as of Thursday morning, RTE data showed, cited by Reuters.
• There is an unplanned outage at the Albertville-Grandeville interconnector until Friday evening, RTE data showed.
• French power demand is forecast to reach a maximum of 49.08GW on Thursday and of 49.45GW on Friday according to Entso-E. Power demand in France as of this morning stood at 45.85GW.
• The latest ECMWF weather forecast for Paris have been slightly revised down at the beginning of the forecast period to remain below the seasonal normal until 15 June. Maximum temperatures in Paris are forecast to reach around 21.6C on 8 June, unlikely to boost cooling demand. Temperatures in the south of the country, Marseille, are forecast above the seasonal normal until 11 June, before falling below the average, with maximum temperatures reaching 27C on 8 June.
• Forecasts for wind output in France have been broadly stable on the day to reach 1.7GW-5.3GW during base load on 7-15 June. Solar output in France is forecast to remain high with output expected at 5.16GW-7.46GW during peak load on 7-15 June according to spotrenewables.