May 23, 2024 08:35 GMT
German M1 Power Prices Drops From Multi-Month High
POWER
The German front-month base-load power contract is falling from its multi-month high from Wednesday – shrugging off slight rises in European gas, while emissions have declined. The French equivalent has not traded so far in the session and could remain range-bound, tracking similar movements in the energy complex.
- Germany Base Power JUN 24 down 0.56% at 76.15 EUR/MWh
- EUA DEC 24 down 0.07% at 76.12 EUR/MT
- TTF Gas JUN 24 up 0.09% at 34.42 EUR/MWh
- In Germany, Lausitz Energie’s KW Boxberg Block N 500MW lignite plant will be offline from Friday morning until Sunday evening for planned works, EEX remit data show.
- French nuclear reactors were operating at 71% of full capacity on Thursday, down from 72% on Wednesday, according to Bloomberg calculations
- French utility EdF has lowered the 350MW curtailment of its 915MW St.Laurent 2 reactor by 50MW – the unit will run at 400MW of capacity until 25 May.
- The utility also extended its outage at its 905MW Chinon 4 reactor to 25 May from 23 May.
- Demand increases could be somewhat limited across NW Europe as temperatures are expected to hold above normal throughout the two-week forecast period but wind generation in NW Europe remains low – which could support prices on delivery.
- Average German power demand is forecast to remain firm in June from May – reaching an average of around 49.79GW compared to 49.58GW in May, according to data from Entso-E.
- Forecasts for combined German onshore and offshore wind output have been revised up for most days this week and into early next week – albeit it is still low.
- German Wind is expected at between 1.74-5.79GW, or 3-9% load factors over 24-28 May, according to spot renewables.
- In France, wind output is forecast between 1.18-3.94GW, or 6-20% load factors over 24-28 May.
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