Mid-Day Power Summary: France July Slides

France July power base load is leading losses in CWE, hitting a new contract low and widening the discount to the German equivalent to the highest so far this year, as strong natural gas benchmark prices in recent days have limited losses in the German market, while French nuclear reactor availability remains stable.

• France Base Power JUL 24 down 12.4% at 38 EUR/MWh
• Germany Base Power JUL 24 down 5.8% at 79.01 EUR/MWh
• EUA DEC 24 down 1.4% at 73.56 EUR/MT
• TTF Gas JUL 24 down 2.6% at 35.085 EUR/MWh
• Rotterdam Coal JUL 24 down 1.6% at 121.4 USD/MT
• European natural gas prices reversed earlier gains to trade down on the day amid a clear timeline on Norwegian gas facility repairs. The unplanned outage at Norway’s Nyhamna processing plant and at Easington due to transport restrictions at Sleipner riser has been extended until Friday according to Gassco.
• The EU ETS Dec 24 is declining today amid losses in European gas prices after latest news suggested repairs that limited Norwegian gas pipeline flows to Europe will only last for two days.
• The latest EU ETS CAP3 EU auction cleared lower at €71.50/ton CO2e, after rising to the highest level so far this year of €75.35/ton CO2e in the previous auction held on 3 June according to EEX.
• Germany’s power market recorded 78 negative priced hours in May, compared with 50 hours in April according to Rabot Charge’s monthly analysis, cited by PV magazine.
• German firm RWE has started construction of a 53MW Italian onshore wind farm, with the project anticipated to be commissioned in 2025, the firm said.
• Belgium’s 1.03GW Tihange 3 nuclear power plant has extended its unplanned outage that occurred on Monday morning, with the unit now expected to return on Tuesday afternoon, latest Remit data show.
• Spanish hydropower reserves dipped to 65.7% of capacity last week, after being broadly unchanged for three consecutive weeks at 66.3% of capacity, according to data from Spain’s Environmental Ministry.
• The Nordic July baseload power contract is pulling back day amid the return of the 1.6GW Olkiluoto 3 nuclear power plant, which shut down unexpectedly on Monday. Neighbouring European markets are also lower amid price falls in European gas, adding additional downward pressure.
• Finland’s TSO Cancels Work on Finnish-Swedish Interconnector
• Finnish TSO Fingrid has suspended works on the FI-SE1 interconnector to increase power imports in light of the unplanned outage at the 1.6GW Olkiluoto 3 (OL3) nuclear plant on Monday, according to Fingrid.
• Ukraine will import 23.95GWh of power on Tuesday, compared with 27.17GWh on Monday, despite scheduled grid repairs, Ukrenergo said, cited by Reuters.