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Germany-France June Power Spread at Highest Since 26 April

POWER
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The German-French June power base-load spread is widening to the highest since 26 April today, amid sharper gains in the German settlement due to forecasts for low wind and strong gains in European carbon allowances and gas prices, while limited cooling demand and high nuclear availability have capped gains in the French market in recent days.

    • France Base Power JUN 24 up 4.5% at 38.75 EUR/MWh
    • Germany Base Power JUN 24 up 5% at 70.11 EUR/MWh
  • The Germany-France June power spread has been rising to €31.40/MWh today as of the time of writing.
  • Nuclear availability above the seasonal normal paired with limited demand for electric cooling in France are limiting upside to the French front month power contract.
  • The latest ECMWF 6-9 day weather forecast suggested temperatures in Paris are forecast to reach a maximum of 24°C during the period.
  • Nuclear availability in France stood at around 38.5GW as of this morning, compared with the seasonal average of 35.8GW, RTE data showed, cited by Bloomberg.
  • 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 at the highest since 10 May today amid gains in European gas prices. The next EU Primary Auction CAP 3 will clear today at 11:00 CET.
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The German-French June power base-load spread is widening to the highest since 26 April today, amid sharper gains in the German settlement due to forecasts for low wind and strong gains in European carbon allowances and gas prices, while limited cooling demand and high nuclear availability have capped gains in the French market in recent days.

    • France Base Power JUN 24 up 4.5% at 38.75 EUR/MWh
    • Germany Base Power JUN 24 up 5% at 70.11 EUR/MWh
  • The Germany-France June power spread has been rising to €31.40/MWh today as of the time of writing.
  • Nuclear availability above the seasonal normal paired with limited demand for electric cooling in France are limiting upside to the French front month power contract.
  • The latest ECMWF 6-9 day weather forecast suggested temperatures in Paris are forecast to reach a maximum of 24°C during the period.
  • Nuclear availability in France stood at around 38.5GW as of this morning, compared with the seasonal average of 35.8GW, RTE data showed, cited by Bloomberg.
  • 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 at the highest since 10 May today amid gains in European gas prices. The next EU Primary Auction CAP 3 will clear today at 11:00 CET.