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POWER: German January Climbs on Emissions, TTF

POWER
CEEMEAEurozoneEnergy BulletsGermanyBulletPower BulletsCommodities

German front-month power is climbing from Friday amid small gains in TTF, with emissions edging up. However, temperatures in Dusseldorf have been mostly revised up over 23-28 December, with temperatures mainly above the seasonal average throughout 6–10-day ECMWF forecasts. Wind is expected to be lower on the day for delivery on 24 Dec – likely supporting costs from the previous session.

  • Germany Base Power JAN 25 up 1.2% at 111.95 EUR/MWh
  • EUA DEC 25 up 0.1% at 68.3 EUR/MT
  • TTF Gas JAN 25 up 0.4% at 44.285 EUR/MWh
  • Rotterdam Coal JAN 25 up 0.5% at 107.5 USD/MT
  • European gas is flat on Monday after facing strong support last week with Ukraine gas transit looking set to end shortly, while cool weather outlooks and draws from storage have added support.
  • EU ETS December 2025 is trading higher this morning to track a small increase in EU gas, with an upward revision of temps in NW Europe and lower industrial demand anticipated over the holiday weighing slightly.
  • Wind output in Germany is forecast to drop to 11.33GW, or a 18% load factor on Tuesday from 29.81GW, or a 41% load factor forecasted for Monday, according to SpotRenewables.
  • The latest 6-10 day ECMWF weather forecast for Dusseldorf suggested temperatures above normal until 1 January 2025 before falling below the average for just a brief period and climbing back above over 3-4 January.
  • Mean temperatures in Dusseldorf are forecast to remain firm on Tuesday at 4.5C compared with 4.55C on Monday – with temperatures above the seasonal average.
  • Power demand in Germany is forecast to decrease to 53.39GW on Tuesday from 54.89GW on Monday, according to Bloomberg.
  • Germany’s hydro balance has been revised lower on the day to end at 196GWh on 6 January, compared with 269GWh previously
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German front-month power is climbing from Friday amid small gains in TTF, with emissions edging up. However, temperatures in Dusseldorf have been mostly revised up over 23-28 December, with temperatures mainly above the seasonal average throughout 6–10-day ECMWF forecasts. Wind is expected to be lower on the day for delivery on 24 Dec – likely supporting costs from the previous session.

  • Germany Base Power JAN 25 up 1.2% at 111.95 EUR/MWh
  • EUA DEC 25 up 0.1% at 68.3 EUR/MT
  • TTF Gas JAN 25 up 0.4% at 44.285 EUR/MWh
  • Rotterdam Coal JAN 25 up 0.5% at 107.5 USD/MT
  • European gas is flat on Monday after facing strong support last week with Ukraine gas transit looking set to end shortly, while cool weather outlooks and draws from storage have added support.
  • EU ETS December 2025 is trading higher this morning to track a small increase in EU gas, with an upward revision of temps in NW Europe and lower industrial demand anticipated over the holiday weighing slightly.
  • Wind output in Germany is forecast to drop to 11.33GW, or a 18% load factor on Tuesday from 29.81GW, or a 41% load factor forecasted for Monday, according to SpotRenewables.
  • The latest 6-10 day ECMWF weather forecast for Dusseldorf suggested temperatures above normal until 1 January 2025 before falling below the average for just a brief period and climbing back above over 3-4 January.
  • Mean temperatures in Dusseldorf are forecast to remain firm on Tuesday at 4.5C compared with 4.55C on Monday – with temperatures above the seasonal average.
  • Power demand in Germany is forecast to decrease to 53.39GW on Tuesday from 54.89GW on Monday, according to Bloomberg.
  • Germany’s hydro balance has been revised lower on the day to end at 196GWh on 6 January, compared with 269GWh previously