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Mid-Day Power Summary: France Leads Gains

POWER
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France June power base load is rallying today, outpacing gains in its neighbouring countries, amid gains in the wider European energy complex. Trading volumes are likely to be lower today due to public holiday in most CWE countries.

    • France Base Power JUN 24 up 7.3% at 39.79 EUR/MWh
    • Germany Base Power JUN 24 up 6.4% at 71.04 EUR/MWh
    • EUA DEC 24 up 3% at 72.84 EUR/MT
    • TTF Gas JUN 24 up 3.8% at 31.95 EUR/MWh
    • Rotterdam Coal JUN 24 up 2.3% at 111.75 USD/MT
  • TTF front month has traded through the high of last week with support from geopolitical risks and with Norway supply outages this week. LNG supply risks in Asia add to risk of global competition for the fuel as Malaysia’s Bintulu plant slowly ramps up after outage earlier this month and with Australia’s Gorgon still offline.
  • EU ETS Dec 24 has reversed some earlier gains but continues to trade at the highest since 10 May.
  • Monday’s EU ETS CAP3 EU auction cleared higher at €71.24/MWh, up from €68.28/t CO2e in the previous auction held on 16 May according to EEX.
  • The majority CWE day-ahead baseload contracts increased on the day amid higher demand on Tuesday as the public holiday in most EU countries will come to an end
  • The French day-ahead spot closed at €32.09/MWh from €19.50/MWh in the previous day. The peak day ahead closed at €24.40/MWh from €12.04/MWh on 20 May.
  • The German day-ahead spot settled at €79.81/MWh, up from €64.98/MWh in the previous day. The peak day ahead closed at €73.51/MWh from €32.51/MWh on 20 May.
  • France has switched to a net export position to Spain so far in May for the first time this year as hydro output has increased, with French nuclear generation remaining firm on the month.
  • Transmission capacity on the 1GW Litpol interconnector between Poland-Lithuania will be curtailed by around 160MW on 21 May due to maintenance, latest Remit data show.
  • Ukraine will import 19.5GWh of electricity on Monday, up from 13.16GWh on Sunday and from 20.41GWh on Saturday, while restrictions on consumption continued, the energy ministry said.
  • The EU lead annual solar and wind generation per capita in 2023, with Denmark, Sweden, and Portugal at the forefront, according to the International Solar Energy Society, cited by PV Magazine.
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France June power base load is rallying today, outpacing gains in its neighbouring countries, amid gains in the wider European energy complex. Trading volumes are likely to be lower today due to public holiday in most CWE countries.

    • France Base Power JUN 24 up 7.3% at 39.79 EUR/MWh
    • Germany Base Power JUN 24 up 6.4% at 71.04 EUR/MWh
    • EUA DEC 24 up 3% at 72.84 EUR/MT
    • TTF Gas JUN 24 up 3.8% at 31.95 EUR/MWh
    • Rotterdam Coal JUN 24 up 2.3% at 111.75 USD/MT
  • TTF front month has traded through the high of last week with support from geopolitical risks and with Norway supply outages this week. LNG supply risks in Asia add to risk of global competition for the fuel as Malaysia’s Bintulu plant slowly ramps up after outage earlier this month and with Australia’s Gorgon still offline.
  • EU ETS Dec 24 has reversed some earlier gains but continues to trade at the highest since 10 May.
  • Monday’s EU ETS CAP3 EU auction cleared higher at €71.24/MWh, up from €68.28/t CO2e in the previous auction held on 16 May according to EEX.
  • The majority CWE day-ahead baseload contracts increased on the day amid higher demand on Tuesday as the public holiday in most EU countries will come to an end
  • The French day-ahead spot closed at €32.09/MWh from €19.50/MWh in the previous day. The peak day ahead closed at €24.40/MWh from €12.04/MWh on 20 May.
  • The German day-ahead spot settled at €79.81/MWh, up from €64.98/MWh in the previous day. The peak day ahead closed at €73.51/MWh from €32.51/MWh on 20 May.
  • France has switched to a net export position to Spain so far in May for the first time this year as hydro output has increased, with French nuclear generation remaining firm on the month.
  • Transmission capacity on the 1GW Litpol interconnector between Poland-Lithuania will be curtailed by around 160MW on 21 May due to maintenance, latest Remit data show.
  • Ukraine will import 19.5GWh of electricity on Monday, up from 13.16GWh on Sunday and from 20.41GWh on Saturday, while restrictions on consumption continued, the energy ministry said.
  • The EU lead annual solar and wind generation per capita in 2023, with Denmark, Sweden, and Portugal at the forefront, according to the International Solar Energy Society, cited by PV Magazine.