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POWER: German Power Imports from France Drop to Multi-Month Low in Feb

POWER
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German net power imports from France this month are on track to be at the lowest level for any month since November 2023. 

  • German net power imports from France averaged almost 1.3GW on 1-25 February, down from 1.76GW in January and below February 2024 levels of 1.86GW (see chart).
  • The German day-ahead base load on the Epex Spot averaged €128.25/MWh so far this month, holding a €5.48/MWh premium over the French equivalent.
  • In January, the German spot index averaged €118.48/MWh, holding a €12.73/MWh premium over France.
  • Lower import requirements from Germany are partly due to lower power consumption this month with demand averaging 50.41GW on 1-25 February, compared with 58.76GW in January.
  • Nuclear generation in France has declined this month to average 47.5GW on 1-25 February, down from an average of 51.74GW in January and the lowest level since November.
  • The German March power base-load contract is trading at a €14.07/MWh premium to the French market at the time of writing, suggesting Germany will remain a net power importer from France next month. 
Screenshot 2025-02-26 151517
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German net power imports from France this month are on track to be at the lowest level for any month since November 2023. 

  • German net power imports from France averaged almost 1.3GW on 1-25 February, down from 1.76GW in January and below February 2024 levels of 1.86GW (see chart).
  • The German day-ahead base load on the Epex Spot averaged €128.25/MWh so far this month, holding a €5.48/MWh premium over the French equivalent.
  • In January, the German spot index averaged €118.48/MWh, holding a €12.73/MWh premium over France.
  • Lower import requirements from Germany are partly due to lower power consumption this month with demand averaging 50.41GW on 1-25 February, compared with 58.76GW in January.
  • Nuclear generation in France has declined this month to average 47.5GW on 1-25 February, down from an average of 51.74GW in January and the lowest level since November.
  • The German March power base-load contract is trading at a €14.07/MWh premium to the French market at the time of writing, suggesting Germany will remain a net power importer from France next month. 
Screenshot 2025-02-26 151517