Mid-Day Power Summary: France-German July Discount Firm On Day, Down On Week

France-German July power discount has remained firm towards the end of the week, only slightly narrowing on the day so far, as losses in the wider European energy complex are weighing down both markets. The French-German discount spread, however, has narrowed quite considerably compared to last week.

• France Base Pwr JUL 24 down 1.7% at 40.38 EUR/MWh
  
• Germany Base Pwr JUL 24 down 1.4% at 75.64 EUR/MWh
• EUA DEC 24 down 1.8% at 69.41 EUR/MT
• TTF Gas JUL 24 down 1.7% at 35.10 EUR/MWh
• Rotterdam Coal JUL 24 down 0.4% at 113.1 USD/MT
• The French-German July discount is at €35.30/MWh compared to €35.62/MWh on 13 June, while the average discount over 10-14 June is at around €33.50/MWh compared to €36.06/MWh over 3-7 June.
• The German and French day ahead base-load contracts fell sharply down on the day – with negative prices in France clearing as high as €-80.02/MWh – amid lower power demand over the weekend and strong wind generation. Wind output is expected to drop early next week, possibly supporting power prices.
• The latest weekly German EUA CAP3 auction cleared today at €68.41/ton CO2e, the lowest since the end of April and down from €69.90/MWh in the previous auction held on 7 June, according to EEX.
• The EU ETS Dec 24 contract has edged lower today, amid losses in European gas prices. Sluggish European industrial data and continue bearish sentiment from speculators have weighed on carbon allowances this week.
• Germany’s Federal Network Agency has launched its second tender for ground-mounted PV’s, with about 2.14GW of capacity up for grabs and bids to be submitted by 1 July, according to the agency, cited by RenewablesNow.
• German-based developer RWE has inched closer to the completion of its 1.6GW Nordseecluster offshore wind farm in the German North Sea as it has entered into a 660MW turbine supply agreement with Vestas, according to Vestas.
• Scottish firm Muirhall Energy has updated its layout and reduced the number of turbines at its 409MW Teviot wind project in Scotland, the firm said, cited by Renews.biz.
• German integrated energy supplier LichtBlick and firm Energisto will create a JV to build large-scale battery storage systems, with the first building permits for up to 400MWh of batteries anticipated this year, the firms said.
• The world’s floating PV potential is at around 1,302TWh, with Finland, Sweden and Denmark having the highest amount of their annual power consumption covered by floating solar in the EU, according to researchers at Bangor and Lancaster Universities and the UK Centre for Ecology & Hydrology, cited by PV Magazine.