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Mid-Day Power Summary: France July Erases Gains

POWER
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France July power base load reversed earlier gains to trade lower on the day, while German front month power is edging higher amid small gains in European gas prices. European carbon allowances are retreating as European manufacturing PMIs remained in contractionary territory while funds positioning turned more bearish.

    • France Base Power JUL 24 down 2.2% at 37.11 EUR/MWh
    • Germany Base Power JUL 24 up 0.8% at 77.14 EUR/MWh
    • EUA DEC 24 down 1% at 71.62 EUR/MT
    • TTF Gas JUL 24 up 0.5% at 33.975 EUR/MWh
    • Rotterdam Coal JUL 24 down 2.2% at 117.5 USD/MT
  • TTF front month is trading higher, but removed some earlier losses, supported by increased LNG appetite from Egypt.
  • EU ETS Dec 24 is edging lower today, shrugging off gains in European gas prices, as today’s EU economic data releases suggested manufacturing PMIs in Germany, France and the overall Eurozone remained in contractionary territory in May while speculators positionings turned more bearish. Investment funds positioning in EU ETS futures has turned more bearish with net short positionings increasing with the latest Commitment of Traders data.
  • The latest bi-weekly Polish Primary Market Auction (Phase 4 - CAP3) cleared at €70.30/ton CO2e, down from the previous auction that cleared at €74.31/t CO2e according to EEX.
  • Investment funds net short positions in ICE German power futures turned the most bullish since the week of 15 September 2023, according to the COT data for the week of 31 May. This could lead to price increases of German power forward contracts in the short-term.
  • Cargo shipping in the south part of the Rhine River is still closed on Wednesday morning, WSA said, cited by Reuters.
  • In France, the planned maintenance at the 1.33GW Paluel 2 nuclear facility has been extended by four days until 14 June. Works at the 880MW Bugey 4 reactor have been extended by ten days until 23 June. 1.33GW Flamanville 1 had a forced halt on Thursday evening and is currently ramping output back up, remit data showed.
  • Switzerland’s hydropower reserves last week increased by 4.3 percentage points to 29.3%, accelerating gains from 1.2 points the week prior, as precipitation and snowmelt supported inflows into reserves last week, BFE data showed.
  • In Belgium, the unplanned outage at Belgium’s 1.03GW Tihange 3 nuclear power plant has been extended until late Thursday, from Thursday morning previously scheduled, emit data showed.
  • Dutch Prime Minister Mark Rutte has urged German Chancellor Olaf Scholz to submit a big for the German unit of TSO TenneT according to a letter seen by Reuters.
  • Poland’s Tauron halted the 910MW B7 unit at the Jaworzno 2 coal-fired plant after a fire broke out on Tuesday evening at one of the units, Polsat News website reports, cited by Bloomberg.
  • Norwegian TSO Statnett is planning to hold one or two daily intraday auctions on the 1.4GW Norway-UK NSL amid a rise of imbalances on the day-ahead clearing caused by unregulated power production, the TSO said.
  • The small 101MW outage at Finland’s 1.6GW Olkiluoto 1 nuclear reactor has been extended until 14 June, from 6 June previously scheduled, remit data showed.
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France July power base load reversed earlier gains to trade lower on the day, while German front month power is edging higher amid small gains in European gas prices. European carbon allowances are retreating as European manufacturing PMIs remained in contractionary territory while funds positioning turned more bearish.

    • France Base Power JUL 24 down 2.2% at 37.11 EUR/MWh
    • Germany Base Power JUL 24 up 0.8% at 77.14 EUR/MWh
    • EUA DEC 24 down 1% at 71.62 EUR/MT
    • TTF Gas JUL 24 up 0.5% at 33.975 EUR/MWh
    • Rotterdam Coal JUL 24 down 2.2% at 117.5 USD/MT
  • TTF front month is trading higher, but removed some earlier losses, supported by increased LNG appetite from Egypt.
  • EU ETS Dec 24 is edging lower today, shrugging off gains in European gas prices, as today’s EU economic data releases suggested manufacturing PMIs in Germany, France and the overall Eurozone remained in contractionary territory in May while speculators positionings turned more bearish. Investment funds positioning in EU ETS futures has turned more bearish with net short positionings increasing with the latest Commitment of Traders data.
  • The latest bi-weekly Polish Primary Market Auction (Phase 4 - CAP3) cleared at €70.30/ton CO2e, down from the previous auction that cleared at €74.31/t CO2e according to EEX.
  • Investment funds net short positions in ICE German power futures turned the most bullish since the week of 15 September 2023, according to the COT data for the week of 31 May. This could lead to price increases of German power forward contracts in the short-term.
  • Cargo shipping in the south part of the Rhine River is still closed on Wednesday morning, WSA said, cited by Reuters.
  • In France, the planned maintenance at the 1.33GW Paluel 2 nuclear facility has been extended by four days until 14 June. Works at the 880MW Bugey 4 reactor have been extended by ten days until 23 June. 1.33GW Flamanville 1 had a forced halt on Thursday evening and is currently ramping output back up, remit data showed.
  • Switzerland’s hydropower reserves last week increased by 4.3 percentage points to 29.3%, accelerating gains from 1.2 points the week prior, as precipitation and snowmelt supported inflows into reserves last week, BFE data showed.
  • In Belgium, the unplanned outage at Belgium’s 1.03GW Tihange 3 nuclear power plant has been extended until late Thursday, from Thursday morning previously scheduled, emit data showed.
  • Dutch Prime Minister Mark Rutte has urged German Chancellor Olaf Scholz to submit a big for the German unit of TSO TenneT according to a letter seen by Reuters.
  • Poland’s Tauron halted the 910MW B7 unit at the Jaworzno 2 coal-fired plant after a fire broke out on Tuesday evening at one of the units, Polsat News website reports, cited by Bloomberg.
  • Norwegian TSO Statnett is planning to hold one or two daily intraday auctions on the 1.4GW Norway-UK NSL amid a rise of imbalances on the day-ahead clearing caused by unregulated power production, the TSO said.
  • The small 101MW outage at Finland’s 1.6GW Olkiluoto 1 nuclear reactor has been extended until 14 June, from 6 June previously scheduled, remit data showed.