Mid-Day Power Summary: CWE July Rebounds on Energy Complex

France July power recouped earlier losses to trade higher on the day, leading gains in CWE. French front month futures are supported by gains in the European energy complex, a downward revision in temperatures that could boost some unseasonable heating demand, while planned strike action is posing supply risks.

• France Base Power JUL 24 up 3.8% at 39.22 EUR/MWh
• Germany Base Power JUL 24 up 0.4% at 73.1 EUR/MWh
• EUA DEC 24 up 0.7% at 68.47 EUR/MT
• TTF Gas JUL 24 up 0.7% at 34.44 EUR/MWh
• Rotterdam Coal JUL 24 down 0.7% at 110.3 USD/MT
• The French day-ahead base load on the Epex Spot rose to €57.39/MWh for Wednesday delivery, up from €35/MWh in the previous session, amid higher demand, lower solar PV output and potential generation capacity curtailments amid planned strike action from Wednesday evening.
• TTF front month has reversed earlier loses to trade higher on the day. Muted demand and healthy storage levels remain set against ongoing supply risks.
• The EU ETS Dec 24 has reversed earlier losses to trade higher on the day, closely tracking moves in European natural gas prices. The EU ETS June 24 contract is expiring on Wednesday.
• The latest EU ETS CAP3 EU auction cleared at €66.97/ton CO2e, compared with €66.66/ton CO2e in the previous auction held on 17 June according to EEX.
• The informal meeting of European Union member state leaders on the evening of 17 June failed to reach an agreement on the next leaders of the EU's three political institutions and its foreign policy head.
• German solar PV installations in January-April rose by 35% year on year to over 5GW, solar lobby group BSW data showed, cited by Reuters.
• Spanish hydropower reserves last week edged down to 64.3% of capacity, down from 64.7% of capacity the week prior, marking the third week of declines, despite lower hydropower generation and demand, according to data from Spain’s Environmental Ministry.
• Equinor has started test production at the 53MW Lipno solar PV farm in Poland, the firm said.
• Ukraine has pumped 1.6bcm of natural gas into its underground storage facilities since the start of the season according to Naftogaz on Tuesday for a total of 9 bcm.