Mid-Day Power Summary: CWE Sept Rises, Nordic Sept Falls

CWE Sept power is trading higher today, with France leading gains, while Nordic front-month power is pulling back amid a sharp upward revision in the Nordic hydro balance.

• France Base Power SEP 24 up 2.7% at 67 EUR/MWh
• Germany Base Power SEP 24 up 0.3% at 91.1 EUR/MWh
• EUA DEC 24 down 1.2% at 71.04 EUR/MT
• TTF Gas SEP 24 up 0.2% at 39.05 EUR/MWh
• Rotterdam Coal SEP 24 up 0.8% at 123 USD/MT
• TTF front month is holding onto small gains with ongoing supply fears weighed against unchanged fundamentals and slightly cooler weather forecasts.
• EU ETS Dec24 is pulling back today with forecasts suggesting cooler weather and therefore, less demand for fossil-fuel burn in the power sector.
• The latest EU ETS CAP3 EU auction cleared at €69.85/ton CO2e, down from €70.82/ton CO2e in the previous auction according to EEX
• EdF shortened heat-related nuclear cuts at the Bugey, St Alban and Tricastin reactors.
• EdF has extended the unplanned outage at the 1.3GW Cattenom 3 nuclear reactor by two days until 18 August 23:00 CET.
• Dutch TSO TenneT has signed a four-year deal with construction firms to expand the country’s above-ground high-tension transmission lines according to Reuters.
• Italian hydropower reserves declined for the fourth consecutive week to 3.51TWh as of the end of week 32, down from 3.64TWh the week before.
• Finland’s Fortum up its hedging for power delivered in 2024-25 by 5 and 10 percentage points, respectively, compared to 1Q24, with prices unchanged on the quarter, the firm said in its 1H report.
• The investment into new nuclear generation capacity in the Nordics is not feasible due to long construction times and low power prices in the Nordics, Fortum CEO Markus Rauramo said.
• Orsted’s offshore wind generation increased by 14% in the year in 1H24 to 9.33TWh, with its onshore assets – including solar – climbing by 13% to 7.9TWh amid higher wind speeds and commissioning of power plants.