Mid-Day Power Summary: France July Rallies Again

French July power base load is extending yesterday’s gains to trade at the highest since 27 June, supported by supply risks amid strike action and increased electric cooling demand from hotter weather. German July power is edging lower, tracking European gas prices.

• France Base Power JUL 24 up 9.6% at 51.51 EUR/MWh
• Germany Base Power JUL 24 down 0.5% at 75.15 EUR/MWh
• EUA DEC 24 up 0.2% at 70.47 EUR/MT
• TTF Gas JUL 24 down 0.4% at 35.185 EUR/MWh
• Rotterdam Coal JUL 24 up 0.5% at 114 USD/MT
• Front month TTF is struggling to find a clear direction today with the restart of domestic supply of the Wheatstone LNG facility weighing on prices, while potential supply risks and Asian LNG demand are supportive.
• Australia’s Wheatstone facility aims to begin ramping supply to the natural gas domestic market on June 22, according to an AEMO notice cited by Bloomberg.
• EU ETS Dec24 are also trading higher today, but small losses in European gas prices are limiting gains. The latest EU ETS CAP3 EU auction cleared at €68.61/ton CO2e, up from €66.97/ton CO2e in the previous auction according to EEX.
• Germany ended talks with TenneT for a potential takeover of the German business of the TSO due to budgetary challenges according to a statement.
• Germany offered 240MW of biomass capacity in the last tender round from 1 April, which showed little interest for new plants according to Bnetza.
• Germany’s PNE launched a tender for long-term PPAs for 300GWh/yr of renewable energy for German industrial consumers, the firm said.
• France’s EdF has curtailed nuclear output by around 1GW and hydropower generation by 280MW amid strikes, remit data showed.
• France’s Finance Minister Bruno Le Maire said Emmanuel Macron’s party wants to restart talks with EdF over the price of long-term contracts, if the party will remain in power, cited by Bloomberg.
• Switzerland has set its winter power capacity reserve at 300GWh (-/+ 100GWh) for winter 2024/25 in order to ensure security of supply, the BFE said.
• The restart of Vattenfall’s 1.17GW Forsmark 3 nuclear is currently scheduled for 25 June, however, the restart is uncertain due to a valve problem according to remit data.
• Russian missile and drone attacks overnight have further destroyed Ukrainian energy infrastructure and caused serious damage at one of its thermal power plants, officials said, cited by Reuters.