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German June Power Extends Gains

POWER

German June power base load is extending yesterday’s gains to trade at the highest since 17 June supported by forecasts for low wind, hot weather and gains in European carbon allowances, gas, and coal. German front-week power is rallying again amid a downward revision in wind forecasts.

    • France Base Power JUN 24 up 2.8% at 41.75 EUR/MWh
    • Germany Base Power JUN 24 up 3.7% at 77.55 EUR/MWh
    • EUA DEC 24 up 1.5% at 77.4 EUR/MT
    • TTF Gas JUN 24 up 2.6% at 33.85 EUR/MWh
    • Rotterdam Coal JUN 24 up 0.1% at 113.1 USD/MT
  • TTF front month extends the recent rally to the highest level since mid-April, likely supported by higher cooling demand next week and low wind generation in NW Europe to add to LNG supply risks from increasing Asia demand.
  • EU ETS DEC 24 is currently trading at the highest since early January, supported by recent gains in European gas prices and forecasts for low wind output in NW Europe, spurring demand for fossil-fuel generation. The next Polish Primary Auction CAP 3 will clear today at 11:00 CET.
  • German wind output has been further revised down with combined onshore and offshore wind output to reach 1.3GW to 6.4GW during base load on 23-29 May. Solar PV output is forecast to remain high at 16.6GW to 24.6GW on 23-31 May during peak load according to spotrenewables.
  • German power demand is forecast to rise to a maximum of 65GW on Wednesday and of 64.59GW on Thursday.
  • In France, the latest forecasts estimated wind output to reach 1.1GW to 2.9GW during base-load hours on 23-31 May. Solar PV output is forecast at 6.3GW to 7.4GW during peak load on 23 to 31 May according to spotrenewables.
  • French nuclear availability capacity was at 43.64GW as of Wednesday morning, equal to around 71% of capacity, slightly down on the day, according to Reuters. Fuel loading at the new Flamanville 3 nuclear reactor has been completed and the reactor will be linked to the power network this summer, French Industry Minister Roland Lescure said on Wednesday.
  • French power demand is expected at a maximum of 50GW on Wednesday and of 49.9GW on Thursday.
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