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Mid-Day Power Summary: DE-FR Sept Spread Narrows

POWER

The German-French September power base-load spread is narrowing today as small losses in natural gas prices limit gains in the German market. Nordic front-month power base load is rebounding today to the highest since Monday amid forecasts for a drier outlook and support from the German market.

    • Nordic Base Power SEP 24 up 5.6% at 28.3 EUR/MWh
    • France Base Power SEP 24 up 3.5% at 65.73 EUR/MWh
    • Germany Base Power SEP 24 up 1% at 91.2 EUR/MWh
    • EUA DEC 24 up 1.1% at 72.08 EUR/MT
    • TTF Gas SEP 24 down 0.5% at 39.3 EUR/MWh
    • Rotterdam Coal SEP 24 down 0.4% at 122.05 USD/MT
  • Front month TTF is edging lower today despite Ukrainian President Volodymyr Zelenskyy claiming that his armed forces are continuing to make territorial gains in the Kursk oblast of Russia.
  • EU ETS Dec 24 is trading higher today with more bullish speculator positioning, while Eurozone industrial production disappointed in June.
  • The latest bi-weekly Polish Primary Market Auction (Phase 4 - CAP3) cleared higher at €70.59/ton CO2e, up from €67.85/ton CO2e in the previous auction held on 31 August according to EEX.
  • Investment funds positioning in EU ETS futures on the ICE exchange turned more bullish for the second consecutive week with net short positioning declining to the lowest since mid-June, latest COT data as of 9 August showed.
  • Investment funds positioning in ICE German power futures flipped to a net long position from net short positioning in the previous week, according to the latest COT data for the week of 9 August.
  • Germany added 1.406GW of new solar PV capacity in July, up from 1.306GW in June and the highest for any month since January, Bnetza data showed.
  • The London High Court ruled on Wednesday that the planned gas-fired power plant, NZT Power, from BP and Equinor was lawful, after climate campaigners took legal action previously
  • Italy has approved legislation to support the development of offshore wind farms and other innovative renewable energy projects, enabling 4.6GW of renewables to be constructed by the end of 2028.
  • Ukraine is not planning to introduce planned hourly power outages on Wednesday 14 August, Ukrenergo said, cited by Interfax, despite reported attacks on the country’s gas and power infrastructure this week.
  • Czech utility Cez disconnected its 1GW nuclear Temelin unit 2 unexpectedly yesterday as the switchboard was automatically shut down to protect the internal electricity network,

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