Free Trial

Germany July Rebounds

POWER

German July power base load is rebounding today amid gains in the wider energy complex but remains within yesterday’s range. German front-week base load is trading higher today amid a downward revision in wind forecasts.

    • France Base Power JUL 24 up 3.4% at 54 EUR/MWh
    • Germany Base Power JUL 24 up 1.3% at 72.2 EUR/MWh
    • EUA DEC 24 unchanged at 66.93 EUR/MT
    • TTF Gas JUL 24 up 0.3% at 33.935 EUR/MWh
    • Rotterdam Coal JUL 24 down 3% at 103.65 USD/MT
  • TTF front month is holding within a €2/MWh range seen since mid June with prices edging higher to the day to reverse some of the decline seen yesterday. Healthy storage levels and a cooling weather forecast are set against supply risks amid LNG competition from Asia and Russia supply concern.
  • EU ETS Dec 24 is edging higher today with the rebound in natural gas prices. The next EU EUA auction will clear today 11:00am CET.
  • The latest 6-10 day ECMWF weather forecast for NW Europe suggested temperatures to steadily ease back and to fall below the seasonal normal briefly on 1-4 July before rising back up.
  • In Germany, forecasts for wind output have been revised down for next week. Combined onshore and offshore wind is forecast at 2.7GW-18.6GW during base load between 28 June and 4 July. Solar PV output is forecast at 16.14GW-31.39GW during peak load between 28 June and 6 July according to SpotRenewables.
  • Power demand in Germany is forecast at a maximum of 63.02GW on Thursday and ease back to a maximum of 62.53GW on Friday.
  • In France, nuclear availability was stable on the day at 70% as of Thursday morning, RTE data showed, cited by Bloomberg.
  • The unplanned outage at the 1.5GW Chooz 2 reactor has been extended by one day until Friday evening. Planned works at the 1.31GW Nogent 1 reactor are scheduled to start on Friday until 8 July.
  • French power demand is forecast at a maximum of 50.62GW on Thursday and rise to maximum of 51.04GW on Friday according to Entso-E.
  • The latest 6-10 day ECMWF weather forecast for Paris suggested temperatures have been revised lower at the start of the forecast. Mean temperatures are forecast to fall below the seasonal norm between 2-4 July, before rising back up.
  • In France, forecasts suggested wind output at 2.36GW-5.9GW during base load between 28 June and 6 July. Solar PV output is forecast at 5.2GW-8.8GW during peak load between 28 June and 6 July according to SpotRenewables.
  • The IFA Mandarins-Sellindge 1 interconnector between France and the United Kingdom reported an unplanned outage for two days until 27 June 22:59CET. Interconnector capacity will be reduced by 500MW for the remainder of the duration.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.