German Curve Falls on Energy Complex

German power futures are edging lower amid a pull-back in the wider European energy complex. In France, high temperatures on the Garonne river have prolonged the outage at the Golfech 2 nuclear reactor until Wednesday.

• France Base Power AUG 24 down 1.4% at 37.5 EUR/MWh
• Germany Base Power AUG 24 down 0.9% at 75.75 EUR/MWh
• EUA DEC 24 down 0.8% at 68.13 EUR/MT
• TTF Gas AUG 24 down 1% at 33.53 EUR/MWh
• TTF front month has eased back from a high of €34.15/MWh after a rally yesterday supported by concern for increased competition for LNG supplies amid a heat wave in northern Asia and warm weather in Europe.
• EU ETS Dec24 is edging lower, erasing some of Monday’s gains, amid a slight pullback in European gas prices. The next EU EUA CAP 3 auction will clear today 11:00 CET.
• French nuclear availability rose to 77% of capacity as of Tuesday morning, up from 75% on Monday, RTE data showed, cited by Bloomberg.
• EdF is reducing output at the 1.31GW Golfech 1 reactor until Tuesday night and halting output at the 1.31GW Golfech 2 reactor until Wednesday night due to high temperatures on the Garonne river.
• In France, wind output is forecast to slightly pick up on Wednesday to 2.05GW during base load, compared with 1.91GW forecast for Tuesday. Solar PV output is forecast to be broadly stable on Tuesday and Wednesday at 4.2-4.4GW during base load according to SpotRenenwables.
• French power demand is forecast at a maximum of 52.25GW on Tuesday and of 53.26GW on Wednesday, Entso-E data showed. RTE data suggested French power demand is forecast to peak at 53.5GW on Wednesday, the highest since late April.
• The latest 6-9 day ECMWF weather forecast for Paris suggested temperatures have been revised down, with temperatures to gradually decline during to the forecast period. Mean temperatures are forecast above the seasonal normal until 7 August, when temperatures will fall below normal.
• French net power exports are scheduled at 3.99GW to Belgium on Tuesday, up from 3.23GW on Monday. Net exports are scheduled at 2.3GW to Germany on Tuesday, up from 1.97GW to Germany. To Italy, net flows are scheduled at 1.9GW, down from 2GW the day before, Entso-E data showed.
• In Germany, wind output is forecast to slightly rise on the day to 2.33GW during base load on Wednesday, compared with 1.39GW forecast for Tuesday. Solar PV output is forecast to edge lower to 15.65GW during base load on Wednesday, compared with 16.91GW forecast for Tuesday according to SpotRenewables. German solar PV output is forecast to decline from Thursday.
• German power demand is forecast at a maximum of 63.77GW on Tuesday and of 63.65GW on Wednesday, Entso-E data showed.