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Mid-Day Power Summary: France August Removes Some Gains

POWER
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French front-month power has erased some earlier gains but continues to trade higher on the day as hot weather, especially in the south, is expected to lift cooling demand, while the outcome from Sunday’s election is posing uncertainty in the short term. German August power is edging slightly lower, tracking cooler weather and lower carbon allowances.

    • France Base Power AUG 24 up 1.4% at 44.85 EUR/MWh
    • Germany Base Power AUG 24 down 0.1% at 74.7 EUR/MWh
    • EUA DEC 24 down 0.6% at 69.93 EUR/MT
    • TTF Gas AUG 24 up 0.3% at 33.155 EUR/MWh
    • Rotterdam Coal AUG 24 down 0.5% at 106.5 USD/MT
  • Front month TTF is edging higher today as the market watches for any impact on US LNG exports to Europe from Hurricane Beryl. Stable fundamentals and the gradual restocking of gas storage has helped to limit upside pressures
  • EU ETS Dec 24 has erased earlier gains to trade lower on the day, amid cooler weather in NW Europe and some removal in gains in European gas prices, while shrugging off uncertainty around the French election results.
  • The French leftist NFP coalition surprisingly won the most votes in the second-round French legislative election, though fell well short of an overall majority.
  • The latest EU ETS CAP3 EU auction cleared at €70/ton CO2e, compared with €68.71/ton CO2e in the previous auction and the highest since 11 June according to EEX.
  • The French Energy Regulatory Commission (CRE) has requested distribution firm Enedis to set off-peak hours in spring/summer to 11:00-17:00 CET and no longer night to better adapt to peak solar production times during the day, it said.
  • French power prices have stabilised and will be stable in the medium-term after EdF overcame the technical issues on its reactors, Luc Remont said last weekend, cited by Bloomberg.
  • RWE has launched a “green tender” to purchase up to 3TWh of additional green energy for 2025 and 2026 due to high demand, the utility said.
  • Engie has started construction of the 200MW Battery Energy Storage Systems at its Vilvoorde site in Belgium, the firm said.
  • The new Labour government in the UK is planning an immediate end to the ban on onshore wind projects, new Chancellor, Rachel Reeves, said.
  • Wind made up around 34% of Ireland’s power generation in 1H 2024 and the technology meeting 25% of its domestic power demand, data from Wind Energy Ireland show.
  • Estonia’s 650MW EstLink 2 interconnector between Estonia-Finland is on track to complete repair works at the end of August, according to Estonian TSO Elering.
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French front-month power has erased some earlier gains but continues to trade higher on the day as hot weather, especially in the south, is expected to lift cooling demand, while the outcome from Sunday’s election is posing uncertainty in the short term. German August power is edging slightly lower, tracking cooler weather and lower carbon allowances.

    • France Base Power AUG 24 up 1.4% at 44.85 EUR/MWh
    • Germany Base Power AUG 24 down 0.1% at 74.7 EUR/MWh
    • EUA DEC 24 down 0.6% at 69.93 EUR/MT
    • TTF Gas AUG 24 up 0.3% at 33.155 EUR/MWh
    • Rotterdam Coal AUG 24 down 0.5% at 106.5 USD/MT
  • Front month TTF is edging higher today as the market watches for any impact on US LNG exports to Europe from Hurricane Beryl. Stable fundamentals and the gradual restocking of gas storage has helped to limit upside pressures
  • EU ETS Dec 24 has erased earlier gains to trade lower on the day, amid cooler weather in NW Europe and some removal in gains in European gas prices, while shrugging off uncertainty around the French election results.
  • The French leftist NFP coalition surprisingly won the most votes in the second-round French legislative election, though fell well short of an overall majority.
  • The latest EU ETS CAP3 EU auction cleared at €70/ton CO2e, compared with €68.71/ton CO2e in the previous auction and the highest since 11 June according to EEX.
  • The French Energy Regulatory Commission (CRE) has requested distribution firm Enedis to set off-peak hours in spring/summer to 11:00-17:00 CET and no longer night to better adapt to peak solar production times during the day, it said.
  • French power prices have stabilised and will be stable in the medium-term after EdF overcame the technical issues on its reactors, Luc Remont said last weekend, cited by Bloomberg.
  • RWE has launched a “green tender” to purchase up to 3TWh of additional green energy for 2025 and 2026 due to high demand, the utility said.
  • Engie has started construction of the 200MW Battery Energy Storage Systems at its Vilvoorde site in Belgium, the firm said.
  • The new Labour government in the UK is planning an immediate end to the ban on onshore wind projects, new Chancellor, Rachel Reeves, said.
  • Wind made up around 34% of Ireland’s power generation in 1H 2024 and the technology meeting 25% of its domestic power demand, data from Wind Energy Ireland show.
  • Estonia’s 650MW EstLink 2 interconnector between Estonia-Finland is on track to complete repair works at the end of August, according to Estonian TSO Elering.