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German July Power Tracks Gas

POWER

Germany July power base load is reversing earlier losses to trade stable on the day amid a rebound in European gas and emissions prices. German wind output has been significantly revised down on the day for the coming days.

    • France Base Power JUL 24 down 0.8% at 45.5 EUR/MWh
    • Germany Base Power JUL 24 down 0.1% at 76.3 EUR/MWh
    • EUA DEC 24 up 0.8% at 71.35 EUR/MT
    • TTF Gas JUL 24 up 1.1% at 34.63 EUR/MWh
    • Rotterdam Coal JUL 24 up 0.3% at 110.9 USD/MT
  • TTF is extending yesterday’s gains as the market remains wary of supply risks and competition for LNG supplies from Asia.
  • EU ETS Dec 24 is trading higher today amid gains in the European gas market. The next EU EUA auction will clear today at 11:00 CET.
  • German wind output has been revised down on the day and is now forecast at 2.16GW-11.49GW during base load between 12-18 June. Solar PV output is forecast at 17.03GW-25.61GW during peak load between 12-20 June according to SpotRenewables.
  • German power demand is expected at a maximum of 63.42GW on Tuesday and of 63.54 on Wednesday according to Entso-E.
  • In Germany, EnBw’s 778MW Heilbronn Block 7 hard-coal plant is scheduled to return today. Works on the unit started in January 2023, remit data showed.
  • French nuclear availability increased on the day to 69% of capacity as of Tuesday morning, RTE data showed.
  • EdF’s 1.5GW Chooz 2 reactor maintenance has been extended by two days until 14 June.
  • French power demand is forecast to reach a maximum of 50.14GW on Tuesday and of 50.82GW on Wednesday according to Entso-E.
  • The latest ECMWF weather forecast for Paris suggested temperatures will rise in the next days to reach seasonal normal levels around 14 June before rising slightly above normal from 16 June. Maximum temperatures in Paris are forecast to reach around 26C on 18 June, lifting cooling demand expectations.
  • Forecasts for wind output in France have been revised up on the day to 2.19GW-8.09GW during base load on 12-20 June. French solar PV output is forecast at 3.92GW to 8.78GW during peak load between 12 and 20 June according to SpotRenewables.
  • The Grain-Maasvlakte interconnector between the Netherlands and the UK saw an unplanned outage last night due to an emergency situation. Flows were scheduled to restart as of this morning, remit data showed.

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