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German Front Month Slides

POWER

Germany front-month power is pulling back today to the lowest since 29 May, with weakness from lower European gas prices and carbon allowances as well as forecasts for cooler weather.

    • Germany Base Power JUL 24 down 2.8% at 69.92 EUR/MWh
    • EUA DEC 24 down 1.5% at 67.12 EUR/MT
    • TTF Gas JUL 24 down 0.8% at 33.66 EUR/MWh
  • TTF is edging lower with supply concerns eased slightly with the restart of Australia’s Wheatstone LNG and with a cooler weather forecast into July.
  • EU ETS Dec 24 is pulling back today with downward pressure from European gas prices. The next EUA EU CAP3 auction will clear today 11:00 CET.
  • Forecasts suggested low wind output in Germany throughout the forecast period. German wind output is forecast at 3.5GW-11.37GW during base load on 25 June to 1 July. Solar PV output is forecast at 14.2GW-31.86GW during peak load on 25 June until 3 July, with output falling from later this week according to SpotRenewables.
  • Power demand in Germany is forecast to peak at 62.87GW on Monday and further rise to maximum of 63.32GW on Tuesday.
  • French nuclear availability has risen to 70% as of Monday morning, RTE data showed, cited by Bloomberg.
  • French power demand is forecast rise to a peak of 49.998GW on Monday and of 49.97 on Tuesday according to Entso-E.
  • EdF has extended the unplanned outage at 1.33GW Paluel 3 until 31 July, from 30 June previously scheduled. The unplanned outage at 880MW Bugey 5 has been extended by 3 days until 26 June. The unplanned outage at the 1.5GW Chooz 2 reactor has been extended by one day until 26 June, after which output will start ramping up.
  • The latest ECMWF weather forecast for Paris suggested temperatures are expected to stay above the seasonal normal until 28 June after which temperatures are forecast to drop below normal. Maximum temperatures in Paris are forecast to reach 30C on 27 June.
  • Forecasts suggested wind output at 1.58GW to 6.87GW during base load on 25 June until 3 July. Solar PV output in France is forecast at 4.9GW-8.6GW during peak load on 25 June until 3 July according to SpotRenewables.
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