Mid-Day Power Summary: France July Slides on Weather

French July power base load is sliding today amid a downward revision in temperatures for end June/early July, with additional downward pressure from losses in European carbon allowances. Nordic front curve prices see sharp losses today amid a wetter outlook.

• France Base Power JUL 24 down 3.5% at 46.86 EUR/MWh
• Germany Base Power JUL 24 down 1.6% at 70.76 EUR/MWh
• EUA DEC 24 down 0.5% at 67.8 EUR/MT
• TTF Gas JUL 24 down 0.1% at 33.9 EUR/MWh
• Rotterdam Coal JUL 24 down 0.8% at 107.5 USD/MT
• TTF has been stable today amid easing global supply concerns after the restart of Australia’s Wheatstone LNG, coupled with milder weather forecasts for July. However, Europe still faces stiff competition from Asia for US LNG cargoes.
• EU ETS Dec24 is pulling back today amid small declines in European gas prices.
• The latest EU ETS CAP3 EU auction cleared at €66.06/ton CO2e, compared with €68.61/ton CO2e in the previous auction and the lowest since 30 April according to EEX.
• The French day-ahead base load on the Epex Spot almost decreased to €45.74/MWh, down from €54.91/MWh the previous session, while French prices moved into negative territory for two hours on Tuesday amid higher renewables output.
• France risks higher power prices and power supply outages if the country was to the exit the European power market, Engie CEO, Catherine MacGregor, said on Sunday, cited by Bloomberg.
• Norway’s government on Friday appointed a committee to determine whether the country should use nuclear energy in the future according to OilPrice.com.
• Norway’s NVE has assessed 26 plans for new power generation projects in the Finnmark region, Norway, and decided to move 12 projects forward in the licensing process, it said.