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Mid-Day Power Summary: German Curve Trades Higher

POWER

German power futures are trading higher today with front-curve support from low wind, while small gains in the wider European energy complex are supporting power futures contract further out the curve. French June power base load is retreating following yesterday’s rally to the highest since 14 May.

    • France Base Power JUN 24 down 2.4% at 39.01 EUR/MWh
    • Germany Base Power JUN 24 up 0.7% at 71.61 EUR/MWh
    • EUA DEC 24 up 0.1% at 74.27 EUR/MT
    • TTF Gas JUN 24 up 0% at 31.78 EUR/MWh
    • Rotterdam Coal JUN 24 up 0.4% at 113.5 USD/MT
  • TTF front month is holding just below the high from earlier this month of €32.21/MWh with curtailed supplies from Norway today due to planned maintenance while LNG supplies remain low amid muted demand.
  • European carbon allowances for Dec 24 delivery are struggling to find a clear direction today after yesterday’s rally.
  • Tuesday’s EU ETS CAP3 EU auction cleared slightly higher at €71.80/ton CO2e, up from €71.24/t CO2e in the previous auction held on 20 May according to EEX. The cover ratio in Tuesday’s auction was at 1.51 with a total of 24 bidders and 26 successful bidders. Bidding volumes rose to 4.685mn, up from 4.234mn the day prior.
  • The Nordic June baseload power contract is at a May high on Tuesday morning amid increased prices in the energy complex from yesterday’s trading session, as no liquidity for the contract was seen on Monday due to a public holiday. Limited nuclear maintenance is still anticipated over June, and above-normal temperatures in the Nordics are expected to weigh on power demand.
  • Firm Sustainable Energy Solutions Sweden (SENS) will develop a 75MW hydro pump storage unit and an 85MW battery storage system in Finland, the firm said.
  • Glen Earrach Energy plans to build a 2GW hydropower plant in Scotland, with the project anticipated to store about 30GWh of power, according to Renews.biz.
  • Spanish hydro stocks remained unchanged on the week for the second consecutive week over 13-19 May as domestic hydro output slightly fell week-on-week, with PV and wind output remaining firm, according to data from Spain’s Environmental Ministry.

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