Mid-Day Power Summary: CWE Sept Edges Lower

Germany Sept power base load is tracking a weekly net increase, despite edging lower in today’s session amid declines in the wider energy complex. Nordic front-month power is edging higher as forecasts suggested a slightly drier outlook.

• France Base Power SEP 24 down 0.7% at 61.84 EUR/MWh
• Germany Base Power SEP 24 down 1% at 86.52 EUR/MWh
• EUA DEC 24 down 0% at 71.16 EUR/MT
• TTF Gas SEP 24 down 1.2% at 36.53 EUR/MWh
• Rotterdam Coal SEP 24 up 1% at 122 USD/MT
• TTF front month is easing back today but heading for a net gain on the week after rising to a high of 37.075/MWh yesterday due to supply risks from rising Middle East tensions and strong LNG demand from Asia and Egypt amid hot weather.
• EU ETS Dec24 is edging lower today after yesterday’s rally amid gains in natural gas prices. Lower gas prices and weak industrial data out of France are weighing on prices.
• The latest weekly German EUA CAP3 auction cleared at €69.76/ton CO2e, up from €66.33/ton CO2e in the previous auction according to EEX.
• France Industrial Production disappointed on both a yearly and monthly basis again in June at -1.6% Y/Y (vs -1.1% consensus, -3.1% prior) and 0.8% M/M (vs 1.0% consensus, -2.2% prior revised from -2.1%).
• EdF said it may reduce nuclear production at the Golfech nuclear power plant from 30 July until 11 August due to high temperatures forecast on the Garonne river, with one unit in must run amid grid constraints, remit data showed.
• Engie has advanced its outright power hedges for nuclear and hydropower generation in Belgium and France quarte on quarter, while price have declined, the firm said.
• Italy’s Terna has cut the capacity awarded in its latest capacity market auction for 2025 by 25% after some operators withdrew from the auction, it said, cited by Montel.
• Plenitude has signed a ten-year PPA with steel maker Ferriera Valsabbia for the supply of a total of 350GWh of wind power, it said.