Mid-Day Power Summary: France July Leads Gains

The French July power base-load contract has narrowed the discount to the German equivalent to the lowest since 15 May today, as an upward revision in temperature forecasts has lifted cooling demand expectations. Nordic prices extended losses throughout the morning amid a wetter outlook.

• France Base Power JUL 24 up 13.1% at 53.92 EUR/MWh
• Germany Base Power JUL 24 up 1.6% at 71.9 EUR/MWh
• EUA MAR 25 down 0.1% at 68.09 EUR/MT
• TTF Gas JUL 24 up 0.9% at 34.4 EUR/MWh
• Rotterdam Coal JUL 24 up 0.3% at 108 USD/MT
• The latest EU ETS CAP3 EU auction cleared at €65.94/ton CO2e, down from €66.06/ton CO2e in the previous auction and the lowest since 30 April according to EEX.
• European solar PV output is forecast to surge this summer amid new capacity installations according to BNEF.
• France’s Rassemblement National party would plan to build 20 new nuclear reactors by 2043, the party’s energy spokesperson told Montel.
• Germany’s RWE received planning approvals for the first phase of the 1.6GW Nordseecluster offshore wind farm by the German Federal Maritime and Hydrographic Agency in mid-June, the utility said.
• Spanish hydropower reserves last week further declined to 63.7% of capacity, down from 64.3% of capacity the week before, marking the fourth weekly decline, according to data from Spain’s Environmental Ministry.
• Entso-E has launched an investigation into Friday’s power blackout that hit Montenegro, Albaina, Bosnia and Croatia, it said.
• The Nordic July power base-load contract has extended losses today, shrugging off gains in neighbouring CWE markets amid higher gas prices, as forecasts suggested a wetter outlook.
• Denmark is planning to introduce a levy on farm emissions, marking the world’s first carbon tax on agriculture, the government said.
• The power shortages in Ukraine cannot be fully covered with power imports from neighbouring countries, DTEK CEO, Sergei Kovalenko, said, cited by Interfax.