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Mid-Day Power Summary: France July Erases Most Gains

POWER
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France July power erased most earlier gains to trade stable on the day, widening the discount to its neighbouring countries, as gains in the wider European energy complex fail to lift prices amid sluggish fundamentals with limited cooling demand, high hydro stocks, high renewables output and above normal nuclear generation.

    • France Base Power JUL 24 up 0.3% at 41.95 EUR/MWh
    • Germany Base Power JUL 24 up 3.3% at 78.32 EUR/MWh
    • EUA DEC 24 up 1.1% at 71.54 EUR/MT
    • TTF Gas JUL 24 up 3.5% at 36.525 EUR/MWh
    • Rotterdam Coal JUL 24 up 1.7% at 114.05 USD/MT
  • TTF rallies to the highest since June 4 amid the risk of LNG competition from Asia after Chevron said repair works at Wheatstone LNG will be complete in the coming weeks, later than previous market expectations.
  • EU ETS Dec 24 is edging higher today amid gains in European natural gas prices, shrugging off slightly disappointing Eurozone industrial production data for April, while markets are still assessing the effect on future energy policy after the EU Parliament election.
  • The latest EU ETS CAP3 EU auction cleared at €69.77/ton CO2e, down from €70.31/ton CO2e in the previous auction according to EEX. The cover ratio in today’s auction was at 1.78, compared with 1.43 in the previous auction.
  • French President Emmanuel Macron said this week he is planning to build eight new nuclear reactors by 2050, in addition to the six reactors previously announced, he said on Wednesday, cited by Montel.
  • The Nordic front quarter baseload power contract is trading up on the day, as gas prices are higher which is supporting power prices in neighbouring European countries, while temperatures are forecast to be above the seasonal norm with maintenance at both nuclear and hydro plants anticipated, adding some additional support.
  • Poland’s operational renewable capacity is at 28GW, with connection conditions issued for an additional 48GW, which could push Poland’s renewable capacity to around 80GW in the coming years, according to Polish TSO PSE, cited by ISB news.
  • The power sector association Eurelectric and power grid association E.DSO has sent a letter to the European Commission on the proposed new rules regarding electricity transformers, citing “inadequate planning and lack of communication”, according to Euractive.
  • Ukraine could face up to 20 hours per day of power and heating outages next winter in the worst-case scenario if Russia continues to attack the country’s power plants, Ukraine’s DTEK said, cited by Reuters.
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France July power erased most earlier gains to trade stable on the day, widening the discount to its neighbouring countries, as gains in the wider European energy complex fail to lift prices amid sluggish fundamentals with limited cooling demand, high hydro stocks, high renewables output and above normal nuclear generation.

    • France Base Power JUL 24 up 0.3% at 41.95 EUR/MWh
    • Germany Base Power JUL 24 up 3.3% at 78.32 EUR/MWh
    • EUA DEC 24 up 1.1% at 71.54 EUR/MT
    • TTF Gas JUL 24 up 3.5% at 36.525 EUR/MWh
    • Rotterdam Coal JUL 24 up 1.7% at 114.05 USD/MT
  • TTF rallies to the highest since June 4 amid the risk of LNG competition from Asia after Chevron said repair works at Wheatstone LNG will be complete in the coming weeks, later than previous market expectations.
  • EU ETS Dec 24 is edging higher today amid gains in European natural gas prices, shrugging off slightly disappointing Eurozone industrial production data for April, while markets are still assessing the effect on future energy policy after the EU Parliament election.
  • The latest EU ETS CAP3 EU auction cleared at €69.77/ton CO2e, down from €70.31/ton CO2e in the previous auction according to EEX. The cover ratio in today’s auction was at 1.78, compared with 1.43 in the previous auction.
  • French President Emmanuel Macron said this week he is planning to build eight new nuclear reactors by 2050, in addition to the six reactors previously announced, he said on Wednesday, cited by Montel.
  • The Nordic front quarter baseload power contract is trading up on the day, as gas prices are higher which is supporting power prices in neighbouring European countries, while temperatures are forecast to be above the seasonal norm with maintenance at both nuclear and hydro plants anticipated, adding some additional support.
  • Poland’s operational renewable capacity is at 28GW, with connection conditions issued for an additional 48GW, which could push Poland’s renewable capacity to around 80GW in the coming years, according to Polish TSO PSE, cited by ISB news.
  • The power sector association Eurelectric and power grid association E.DSO has sent a letter to the European Commission on the proposed new rules regarding electricity transformers, citing “inadequate planning and lack of communication”, according to Euractive.
  • Ukraine could face up to 20 hours per day of power and heating outages next winter in the worst-case scenario if Russia continues to attack the country’s power plants, Ukraine’s DTEK said, cited by Reuters.