Mid-Day Power Summary: French, German Front Week Diverge

French front-week power is trading higher today, supported by nuclear extensions, warmer weather and low wind output. In contrast, German front-week is pulling back amid higher renewables output next week.

• France Base Power AUG 24 up 1.3% at 43.21 EUR/MWh
• Germany Base Power AUG 24 down 1.3% at 71.48 EUR/MWh
• EUA DEC 24 down 0.1% at 68.89 EUR/MT
• TTF Gas AUG 24 down 1.4% at 31.82 EUR/MWh
• Rotterdam Coal AUG 24 down 2.2% at 103.75 USD/MT
• Front month TTF is pulling back today amid stable fundamentals and limited supply risks from US LNG supplies due to storm Beryl.
• EU ETS Dec 24 is pulling back slightly today to the lowest since 2 July, extending yesterday’s losses.
• The latest EU ETS CAP3 EU auction cleared at €66.87/ton CO2e, down from €70/ton CO2e in the previous auction according to EEX.
• The latest 6-10 day ECMWF weather forecast for Paris suggested a downward revision in temperatures. Mean temperatures are forecast to remain above normal until 12 July, when they fall below until 14 July to say broadly in line with the average. Temperatures are forecast to rise well above normal from 16 July onwards.
• In France, EdF has extended planned maintenance at the 880MW Budgey 4 reactor by one day until 10 July. EdF has also extended the unplanned works at the 1.31GW Nogent 1 reactor by five days until 14 July. Planned works on the 915MW Tricastin 4 nuclear reactor have been extended by three days until 17 July, remit data showed.
• In France, there remains little clarity how a stable gov't coalition can be formed after the legislative elections. On 8 July, President Emmanuel Macron refused the resignation of PM Gabriel Attal, saying he needed to remain in office 'for now'.
• Germany needs to invest €300bn for its power grid by 2050 amid decarbonisation efforts, Germany’s KfW said, cited by Reuters.
• The German government is still in talks with Dutch officials to acquire a minority stake in the German business of TenneT, Germany’s Deputy Energy Minister Philipp Nimmermann said on Tuesday.
• SSE Renwables and its joint venture partners will go ahead with the planning of the 2GW offshore wind farm in the Netherlands, after being awarded the site in June, it said.
• Spain’s hydropower reserves last week declined for the sixth consecutive week to 61.8% of capacity, down from 62.7% of capacity the week before according to data from Spain’s Environmental Ministry.