May 20, 2024 07:14 GMT
German Power Tracks Higher Energy Complex
POWER
The German June power base load settlement is trading at the highest since 10 May today amid gains in the wider European energy complex and forecasts for low wind output. Trading volumes are likely to be thin due to a public holiday in most of CWE/NW Europe.
- Germany Base Power JUN 24 up 3.3% at 69 EUR/MWh
- EUA DEC 24 up 3.3% at 73 EUR/MT
- TTF Gas JUN 24 up 1.8% at 31.32 EUR/MWh
- Rhine water levels at the Kaub measuring point stood at 3.86m on Sunday, the highest level since 25 February according to Germany’s Federal Waterways and Shipping Administration.
- TTF front month has traded through the high of last week with support from geopolitical risks and with Norway supply outages this week. LNG supply risks in Asia add to risk of global competition for the fuel as Malaysia’s Bintulu plant slowly ramps up after outage earlier this month and with Australia’s Gorgon still offline.
- EU ETS DEC 24 is trading higher today amid gains in European gas prices. The next EU Primary Auction CAP 3 will clear today at 11:00 CET.
- German wind output is forecast to remain low with combined onshore and offshore wind output to reach 2.4GW to 18.3GW during base load on 21-27 May. Solar PV output is forecast to remain high at 12.3GW to 24.4GW on 21-20 May during peak load according to spotrenewables.
- German power demand is forecast to rise to a maximum of 50.79GW on Mondy before rebounding to a maximum of 63.9GW on Tuesday.
- In France, the latest forecasts estimated wind output to reach 1.6GW to 5.26GW during base-load hours on 21-29 May. Solar PV output is forecast at 4.8GW to 7.4GW during peak load on 21 to 29 May according to spotrenewables.
- French nuclear reactor generation was at 38.16GW on Monday as of 8:30 CET, up from the moving average of 40.16GW, RTE data showed, cited by Bloomberg. Nuclear availability was at around 70% of capacity as of Monday morning. Maintenance at the 1.33GW Paluel 4 reactor has been extended until 15 July, from 11 July previously scheduled.
- French power demand is expected to reach a maximum of 42.19GW on Monday, before rising back up to a maximum of 49.37GW on Tuesday.
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