Mid-Day Power Summary: CWE Power Holds Onto Gains

CWE power futures are holding onto gains today amid an upward revision in short-term temperature forecasts and gains in the European energy complex due to increased tensions in the Middle East. Nordic front-curve futures increased gains throughout the session.

• France Base Power SEP 24 up 2.6% at 55.6 EUR/MWh
• Germany Base Power SEP 24 up 1.2% at 82.98 EUR/MWh
• EUA DEC 24 up 0.6% at 69.03 EUR/MT
• TTF Gas SEP 24 up 1.4% at 35.585 EUR/MWh
• Rotterdam Coal SEP 24 up 0.4% at 116.2 USD/MT
• Front month TTF is pulling higher today as rising tensions in the Middle East are adding supply risk fears and further risks of higher LNG competition.
• EU ETS Dec24 is also trading higher today, supported by gains in European gas prices. Latest CoT data suggested again bearish funds positioning despite last week’s price rally.
• The latest bi-weekly Polish Primary Market Auction (Phase 4 - CAP3) cleared higher at €67.85/ton CO2e, up from €66.66/ton CO2e in the previous auction according to EEX.
• Investment funds net short positions in ICE German power futures ended its short-lived bearish trend to turn slightly bullish, according to the latest COT data for the week of 26 July.
• EdF may reduce production at the 2.62GW Golfech nuclear complex until 9 August, from 8 August previously scheduled, due to high temperatures on the Garonne river, remit data showed.
• RTE said on Tuesday it will limit flows on the France-Switzerland border, following RTE’s recent announcement to curb exports on France’s eastern borders, it said.
• French net power exports reached a new record of 42TWh in the first half of this year, up from 13TWh in the same period last year, RTE said.
• Planned maintenance at EdF’s 1.3GW Cattenom 4 nuclear reactor is scheduled to restart on 3 August 23:00 CET, from 4 August 23:00 CET previously scheduled, remit data showed.
• The £500-530mn increase in the UK’s AR6 renewable auction could add around 1.2GW of additional offshore wind capacity, pushing the total to about 4.3GW, according to Consultancy Cornwall Insight, cited by Energy Live News.
• Italy plans to generate 22% of its electricity from fourth-generation nuclear plants after 2030, Energy Minister Gilberto Pichetto Fratin said on Tuesday, cited by Reuters.