Mid-Day Power Summary: France, German August Spread at Multi-Week High

The France-Germany August power base-load spread has widened to the highest since 14 June today, amid France continues the downward trend from last week’s following RTE’s announcement to curb exports during August and September, while German front-month power is edging higher supported by the energy complex.

• France Base Power AUG 24 down 6.9% at 38.5 EUR/MWh
• Germany Base Power AUG 24 down 0.1% at 75.54 EUR/MWh
• EUA DEC 24 up 0.8% at 68.43 EUR/MT
• TTF Gas AUG 24 up 3.3% at 33.535 EUR/MWh
• Rotterdam Coal SEP 24 up 0.7% at 115.1 USD/MT
• Front month TTF is rallying today to the highest since July 5 amid concern for rising competition for LNG supplies due to a heat wave in northern Asia.
• EU ETS Dec24 is trading higher today but lags sharp gains seen in the European gas markets. The latest EU ETS CAP3 EU auction cleared at €67.17/ton CO2e, up from the previous auction at €66.71/ton CO2e held on 25 July according to EEX.
• Shipping emissions covered by the EU’s carbon market declined by 13% last year, the lowest level in six years, due to stagnant economic growth and sanctions with Russia according to BNEF.
• EdF will start saving fuel at the 1.5GW Chooz 2 reactor equivalent to 106 days of full load operations starting Monday until the next refueling outage planned on 31 January 2026, remit data showed.
• EdF may reduce nuclear production at the Golfech nuclear power plant from 30 July until 7 August due to high temperatures forecast on the Garonne river, remit data showed.
• Italy will auction 20TWh of electricity to energy-intensive industries at €60/MWh for three years, the environment minister Gilberto Pichetto Fratin said.
• Italy secured 42.2GW in its capacity market auction for 2025 for around €1.73bn, slightly up from 39.2GW for delivery this year, TSO Terna said.
• Finland is anticipated to add around 1.1GW of additional wind capacity by the end of this year, with about 377MW already installed since the beginning of 2024, Finnish Wind Association Said.
• All 140MW of capacity on the unilateral auction between Ukraine-Poland (Zamosc-Dobrotwor) on offer for August delivery sold at PLN0.02/MWh compared to no successful bids in the previous auction, PSE said.
• Europe has enough land to expand wind and solar development to reach carbon neutrality by 2040 without impacting food production and the environment, with Spain and Romania having a surplus, while Germany and Italy have relative land constraints, the EEB said.