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German June Power Hits Two-Week Low

POWER
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The German front-month power base-load contract has fallen to the lowest level since 2 May, before slightly recovering, weighed on by declines in European carbon allowances, muted demand, high renewables output and pressure from France amid nuclear availability well above the seasonal norm. Downside is limited amid some gains in European gas prices.

    • Germany Base Power JUN 24 down 0.7% at 65.4 EUR/MWh
    • Germany Power Qtr JUL 24 down 0.6% at 75 EUR/MWh
    • Germany Power Qtr OCT 24 down 0.5% at 93 EUR/MWh
  • German solar PV output is forecast at 12.2-27.5GW on 16-24 May during peak-load hours. Wind output is forecast to ease back this weekend before picking up next week to reach load factors of up to 55%, or 35.7GW, during base-load hours.
  • German power demand so far this month averaged 48.09GW, well below the seasonal normal. Mild weather and is unlikely to significantly boost household demand, while another public holiday next week is likely to dampen industrial activity.
  • French nuclear generation stood at an average of 39.3GW so far today as of the time of writing, compared with the five-year average of 36GW.
  • The German power Q3-Q4 base-load spread has widened in recent sessions to €18/MWh after yesterday’s TTF curve gains boosted by supply concerns for winter, supported German winter power prices.
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The German front-month power base-load contract has fallen to the lowest level since 2 May, before slightly recovering, weighed on by declines in European carbon allowances, muted demand, high renewables output and pressure from France amid nuclear availability well above the seasonal norm. Downside is limited amid some gains in European gas prices.

    • Germany Base Power JUN 24 down 0.7% at 65.4 EUR/MWh
    • Germany Power Qtr JUL 24 down 0.6% at 75 EUR/MWh
    • Germany Power Qtr OCT 24 down 0.5% at 93 EUR/MWh
  • German solar PV output is forecast at 12.2-27.5GW on 16-24 May during peak-load hours. Wind output is forecast to ease back this weekend before picking up next week to reach load factors of up to 55%, or 35.7GW, during base-load hours.
  • German power demand so far this month averaged 48.09GW, well below the seasonal normal. Mild weather and is unlikely to significantly boost household demand, while another public holiday next week is likely to dampen industrial activity.
  • French nuclear generation stood at an average of 39.3GW so far today as of the time of writing, compared with the five-year average of 36GW.
  • The German power Q3-Q4 base-load spread has widened in recent sessions to €18/MWh after yesterday’s TTF curve gains boosted by supply concerns for winter, supported German winter power prices.