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German June Power Holds Onto Small Gains

POWER
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Germany June power base load is edging higher today shrugging off small losses in European carbon emissions and natural gas prices. German week-ahead power base load is edging down amid an upward revision in wind forecasts. Trading volumes may be lower today due to a regional holiday in Germany.

    • Germany Base Power JUN 24 up 0.5% at 71.35 EUR/MWh
    • EUA DEC 24 down 0.3% at 73.67 EUR/MT
    • TTF Gas JUN 24 down 0.6% at 33.68 EUR/MWh
  • European natural gas prices are edging down today amid a small recovery in Norwegian pipeline flows and strong seasonal gas storage levels. Downside is limited by risks to a halt of Austrian gas supplies from Russia and increased LNG competition from Asia.
  • EU ETS DEC 24 is edging slightly lower today amid losses in European natural gas prices. The latest EU ETS futures positioning data suggested yesterday investment funds net short positioning turned the most bullish since mid-October.
  • In Germany, wind output is forecast to rise slightly, while solar PV output is expected to fall on Friday compared to Thursday. Forecasts for wind output have been revised up with combined onshore and offshore wind output at 6.05GW-18.86GW on 31 May to 6 June during base load. Solar PV has been revised up to reach 13GW-26.3GW between 31 May and 8 June, with output to pick up from the end of this week according to SpotRenewables.
  • German power demand is expected at a maximum of 52.89GW on Thursday and of 59.42GW on Friday according to Entso-E.
  • French nuclear availability was stable on the day at around 43.23GW, or 70% of capacity, this morning, RTE data cited by Reuters showed.
  • French power demand is forecast to reach a maximum of 49.8GW on Thursday and of 49GW on Friday according to Entso-E.
  • The latest ECMWF weather forecast suggests temperatures in Paris to be below the seasonal norm until 4 June, after which temperatures turn slightly above normal until 8 June, before falling back lower. Maximum temperatures in Paris have been revised lower and are now forecast to reach 24C on 6 June.
  • French wind output forecasts have been revised down to 1.66GW-4.9GW during base-load hours on 31 May to 8 June. Solar PV is forecast at 5.8GW-8.01GW during peak load between 31 May and 8 June according to SpotRenewables.
  • In Iberia, above-average temperatures are set to persist with temperatures in Madrid to rise up to 27C on 5 June – 6C above the seasonal normal, according to Weather Services International.
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Germany June power base load is edging higher today shrugging off small losses in European carbon emissions and natural gas prices. German week-ahead power base load is edging down amid an upward revision in wind forecasts. Trading volumes may be lower today due to a regional holiday in Germany.

    • Germany Base Power JUN 24 up 0.5% at 71.35 EUR/MWh
    • EUA DEC 24 down 0.3% at 73.67 EUR/MT
    • TTF Gas JUN 24 down 0.6% at 33.68 EUR/MWh
  • European natural gas prices are edging down today amid a small recovery in Norwegian pipeline flows and strong seasonal gas storage levels. Downside is limited by risks to a halt of Austrian gas supplies from Russia and increased LNG competition from Asia.
  • EU ETS DEC 24 is edging slightly lower today amid losses in European natural gas prices. The latest EU ETS futures positioning data suggested yesterday investment funds net short positioning turned the most bullish since mid-October.
  • In Germany, wind output is forecast to rise slightly, while solar PV output is expected to fall on Friday compared to Thursday. Forecasts for wind output have been revised up with combined onshore and offshore wind output at 6.05GW-18.86GW on 31 May to 6 June during base load. Solar PV has been revised up to reach 13GW-26.3GW between 31 May and 8 June, with output to pick up from the end of this week according to SpotRenewables.
  • German power demand is expected at a maximum of 52.89GW on Thursday and of 59.42GW on Friday according to Entso-E.
  • French nuclear availability was stable on the day at around 43.23GW, or 70% of capacity, this morning, RTE data cited by Reuters showed.
  • French power demand is forecast to reach a maximum of 49.8GW on Thursday and of 49GW on Friday according to Entso-E.
  • The latest ECMWF weather forecast suggests temperatures in Paris to be below the seasonal norm until 4 June, after which temperatures turn slightly above normal until 8 June, before falling back lower. Maximum temperatures in Paris have been revised lower and are now forecast to reach 24C on 6 June.
  • French wind output forecasts have been revised down to 1.66GW-4.9GW during base-load hours on 31 May to 8 June. Solar PV is forecast at 5.8GW-8.01GW during peak load between 31 May and 8 June according to SpotRenewables.
  • In Iberia, above-average temperatures are set to persist with temperatures in Madrid to rise up to 27C on 5 June – 6C above the seasonal normal, according to Weather Services International.