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POWER: Mid-Day Power Summary: CWE, Nordics March Decline

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CWE front-month power futures are pulling back, while EU gas prices are struggling to find a clear direction on Tuesday. Nordic March power is also trading lower with weakness from neighbouring markets, milder weather and improved hydro balances. 

  • TTF has rebounded from a low of €46.82/MWh yesterday on reports that the EU will not seek to relax gas storage targets until after 2025 in its upcoming Clean Industrial Deal to offset bearish pressure from US-Russia talks on peace in Ukraine.
  • Front-month TTF is struggling to find a clear direction today with uncertainty over gas storage targets and peace talks in Ukraine.
  • EUAs Dec25 are holding onto losses, despite upside pressure from EU gas prices. Speculator positioning in EU ETS futures on the ICE exchange turned more bearish for the first time after more bullish positioning for seven consecutive weeks.
  • The latest bi-weekly Polish Primary Market Auction (Phase 4 - CAP3) cleared at lower at €72.90/ton CO2e, compared with €77.87/ton CO2e in the previous auction on 5 February.
  • UKAs Dec25 are trading lower, diverging from EUAs, with a small upward revision in temperature forecasts and a higher-than-expected January CPI print at 3% higher y/y, the highest since March 2024. However, latest data is unlikely to change views for the next BOE meeting in March.
  • Less than half of the EU member states have translated the EU ETS 2 scheme into national laws over economic and social concerns.
  • Investment Funds positioning in ICE German power futures increased their net short positioning, with short positioning hitting a fresh all-time high.
  • France’s government and EdF are set to finalise talks on the construction of six new nuclear power plants within weeks, Industry and Energy Minister Marc Ferracci said.
  • Lightsource BP eyes to sign PPAs for its 500MW solar PV and storage portfolio in Iberia in 2025.
  • Industry leaders are urging the Swedish government to accelerate energy production, streamline permitting, and ensure a level playing field for all fossil-free technologies.
  • Finland’s 890MW Olkiluoto 2 nuclear reactor will curtail capacity by 415MW on 21 February for around 2hrs, with the capacity then curtailed by 155MW over 21 February - 25 May.
  • Poland’s Energa Operator has secured PLN 7.5bn (€1.8bn) from the National Recovery Plan to fund a power grid modernisation in northern and central Poland. 
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CWE front-month power futures are pulling back, while EU gas prices are struggling to find a clear direction on Tuesday. Nordic March power is also trading lower with weakness from neighbouring markets, milder weather and improved hydro balances. 

  • TTF has rebounded from a low of €46.82/MWh yesterday on reports that the EU will not seek to relax gas storage targets until after 2025 in its upcoming Clean Industrial Deal to offset bearish pressure from US-Russia talks on peace in Ukraine.
  • Front-month TTF is struggling to find a clear direction today with uncertainty over gas storage targets and peace talks in Ukraine.
  • EUAs Dec25 are holding onto losses, despite upside pressure from EU gas prices. Speculator positioning in EU ETS futures on the ICE exchange turned more bearish for the first time after more bullish positioning for seven consecutive weeks.
  • The latest bi-weekly Polish Primary Market Auction (Phase 4 - CAP3) cleared at lower at €72.90/ton CO2e, compared with €77.87/ton CO2e in the previous auction on 5 February.
  • UKAs Dec25 are trading lower, diverging from EUAs, with a small upward revision in temperature forecasts and a higher-than-expected January CPI print at 3% higher y/y, the highest since March 2024. However, latest data is unlikely to change views for the next BOE meeting in March.
  • Less than half of the EU member states have translated the EU ETS 2 scheme into national laws over economic and social concerns.
  • Investment Funds positioning in ICE German power futures increased their net short positioning, with short positioning hitting a fresh all-time high.
  • France’s government and EdF are set to finalise talks on the construction of six new nuclear power plants within weeks, Industry and Energy Minister Marc Ferracci said.
  • Lightsource BP eyes to sign PPAs for its 500MW solar PV and storage portfolio in Iberia in 2025.
  • Industry leaders are urging the Swedish government to accelerate energy production, streamline permitting, and ensure a level playing field for all fossil-free technologies.
  • Finland’s 890MW Olkiluoto 2 nuclear reactor will curtail capacity by 415MW on 21 February for around 2hrs, with the capacity then curtailed by 155MW over 21 February - 25 May.
  • Poland’s Energa Operator has secured PLN 7.5bn (€1.8bn) from the National Recovery Plan to fund a power grid modernisation in northern and central Poland.