German Power Curve Retreats

German power contracts throughout the curve are retreating after yesterday’s rally with German June power base load falling to the lowest since 21 May amid losses in the wider European energy complex. Losses in the French power front month are less pronounced due to a new unplanned nuclear outage, while forecasts suggest little hot weather, which is weighing on cooling demand expectations.

• France Base Power JUN 24 down 3.1% at 34.55 EUR/MWh
• Germany Base Power JUN 24 down 4% at 73.32 EUR/MWh
• EUA DEC 24 down 1.2% at 75.37 EUR/MT
• TTF Gas JUN 24 down 2.6% at 34.325 EUR/MWh
• EU ETS DEC 24 are pulling back today after yesterday’s rally. The next EUA EU Primary Auction CAP 3 will clear today at 11:00 CET.
• Front month TTF is reversing some of Monday’s gains which had been supported over lingering Gazprom cut off fears for Austria and Norwegian maintenance as the region heads into its refill season.
• In Germany, forecasts for wind output have been slightly revised up for the remainder of this week with combined onshore and offshore wind output at 3.5GW-16.8GW on 29 May to 4 June during base load. Solar PV has been revised down to reach 12.6GW to 22.49GW between 29 May and 6 June, according to SpotRenewables.
• German power demand is expected at a maximum of 63.6GW on Tuesday and of 63.13GW on Wednesday according to Entso-E.
• French nuclear availability was at around 43.63GW, or 71% of capacity, on Tuesday morning, down from around 75% of capacity on Monday morning, RTE data cited by Reuters showed.
• EdF’s 1.3GW Cattenom 3 reactor will be offline from 30 May for six days amid planned maintenance. The 1.3GW Paluel 3 reactor will be offline until 30 June in an unplanned outage that started 28 May.
• French power demand is forecast to reach a maximum of 50.56GW on Tuesday and of 50.55GW on Wednesday according to Entso-E. French power demand for cooling is likely to be muted until the end of the first week of June as the latest ECMWF weather forecast suggested maximum temperatures to reach 22C between 29 May and 6 June in Paris.
• French wind output forecasts have been revised higher on the day to reach 8GW to 10.34GW between 29 May and 6 June during base-load hours according to SpotRenewables.