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Mid-Day Power Summary: German August Rebounds on Gas

POWER

German front-month power has recouped earlier losses to trade higher on the day amid a rebound in natural gas prices. Spot prices in Germany and Benelux moved into negative territory for several hours amid high renewables output.

    • France Base Power AUG 24 down 0.3% at 45.01 EUR/MWh
    • Germany Base Power AUG 24 up 1% at 76.5 EUR/MWh
    • EUA DEC 24 down 0.3% at 70.56 EUR/MT
    • TTF Gas AUG 24 up 2% at 33.335 EUR/MWh
    • Rotterdam Coal AUG 24 up 1.1% at 106.75 USD/MT
  • TTF front month is trading higher today after an earlier pullback supported by supply risks, heightened by the latest unplanned outage at the Oseberg field in Norway.
  • The EU ETS Dec 24 are trading lower today with weakness from bearish funds positioning and sluggish industrial data out of Germany. German factory orders unexpectedly fell in May – suggesting a setback to the recovery of the German economy.
  • The latest EU ETS CAP3 EU auction cleared at €68.71/ton CO2e, up from €66.71/ton CO2e in the previous auction according to EEX.
  • Europe’s EPP party is planning to revise its 2024-2029 policy agenda to include changes to the bloc’s climate and energy policy at a meeting in Portugal on 4 July according to a draft document seen by Argus.
  • The French Senate has proposed a new contract scheme between EdF and the state to allow the nuclear operator to fix revenue at a pre-agreed level, citing inadequate protection for both the company and consumers in the previous deal, it said, according to XM.
  • Developer NeXtWind has quadrupled its wind portfolio to 1GW in Germany, with the company targeting 3GW by 2028, the firm said, cited by Renews.biz.
  • Italian hydropower reserves deaccelerated gains last week (week 26) but narrowed the deficit to the same week last year and flipped to surplus to the 5-year average for the first time since week 15, Entso-E data showed.
  • Covestro and BP have signed a ten-year PPA for the delivery of electricity from a solar PV farm in Spain according to MarketScreener.
  • Ukraine is planning to import 35,212MWh of power on Thursday, close to the record high of 35,606MWh in late June, the Ukrainian energy ministry said, cited by Reuters.
  • Rezolv Energy and Bekaert have signed a 10-year Virtual PPA in Romania for power generated by Rezolv’s 461MW Vifor wind farm.
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