Mid-Day Power Summary: France Sept Leads Gains

The French September power base-load contract is leading gains in CWE, supported by heat-related nuclear generation cuts and demand for electric cooling as forecasts suggested temperatures to remain mostly above the seasonal normal.

• France Base Power SEP 24 up 3.4% at 63.95 EUR/MWh
• Germany Base Power SEP 24 up 0.6% at 91.64 EUR/MWh
• EUA DEC 24 down 0.1% at 72.57 EUR/MT
• TTF Gas SEP 24 up 0.3% at 39.77 EUR/MWh
• Rotterdam Coal SEP 24 down 1.4% at 122.55 USD/MT
• TTF front month is edging higher after an initial pull back in the morning as markets continue to weigh supply risks from Ukraine and Middle East conflicts against unchanged fundamentals.
• EU ETS Dec24 is struggling to find a clear direction today, similar to gas markets, after prices rose to a high of €74.13/ton CO2e on Monday.
• The latest EU ETS CAP3 EU auction cleared at €70.82/ton CO2e, down from €71.15/ton CO2e in the previous auction according to EEX.
• France’s EdF has cut nuclear generation this week amid high temperatures in the Rhone and Garonne rivers, remit data showed.
• Swiss hydropower reserves slowed their increase for the seventh consecutive week, increasing by 0.9 percentage points last week to 83.1% of capacity as of 13 August and narrowed the surplus to the five-year average for the third consecutive week.
• Ofgem has approved the 2GW Eastern Green Link, or EGL2, new subsea and underground power cable between Scotland and Yorkshire that is scheduled to come online by 2029.
• Spanish hydropower reserves continued to decline to 53.8% of capacity as of the end of calendar week 32, down from 55.4% the week prior, according to data from Spain’s Environmental Ministry.
• Poland state development bank BGK has started an almost €5bn fund for investors to build offshore wind farms in the Baltic Sea, with the minimum capacity set at 300MW, according to Bloomberg.
• Poland will include “protective” solutions regarding energy prices in its draft 2025 budget, Finance Minister Andrzej Domanski said, cited by ISB News.