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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.
POWER
Italian hydropower reserves ended their 11-week rising trend last week (week 29) as they declined amid relatively low rainfall, however, stocks remained at a surplus to the same week last year and narrowed their surplus to the 5-year avg.
- Italian hydro reservoirs stood at 3.82TWh at the end of last week, dropping from 3.86TWh the week prior.
- Stocks narrowed their surplus to the 5-year average for the first time in three weeks to 0.20TWh from 0.23TWh the week prior.
- But reservoir levels were 0.06TWh higher on the year compared to being 0.05TWh above in week 28.
- Hydropower generation in Italy last week fell slightly on the week to 1.41TWh from 1.44TWh.
- And gas-fired generation last week climbed sharply to 3.12TWh from 2.79TWh – reducing the need to hydro baseload generation
- Wind output last week decreased to 188GWh from 218GWh in week 28 and 327GWh in week 27. Solar PV output fell slightly on the week to 842GWh from 852GWh.
- Looking forward, ECMWF weather forecasts for Torino – close to Italy’s hydro-intensive region – indicate precipitation to be mostly in line with the 30-year norm of around 0.5mm for most days over 26 July-3 August – likely placing downward pressure on stocks.
- And the latest ECMWF weather forecast for Rome suggests max temperatures between 30-34.1C over the same period– which could spur cooling demand and further weigh down stocks.
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.
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