Mid-Day Power Summary: German-French June Power Spread Narrows

The Germany-France June power base-load spread today to the lowest since Friday as losses in European gas prices and emissions allowances are weighing more strongly on the German curve while losses in France are limited by a new nuclear outage.

• France Base Power JUN 24 down 2.2% at 34.87 EUR/MWh
• Germany Base Power JUN 24 down 6.3% at 71.55 EUR/MWh
• EUA DEC 24 down 2.4% at 74.45 EUR/MT
• TTF Gas JUN 24 down 4.3% at 33.74 EUR/MWh
• Rotterdam Coal JUN 24 down 0.1% at 111.75 USD/MT
• EU ETS DEC 24 prices are retreating today after yesterday’s rally, weighed on by sharp losses in European gas prices.
• Tuesday’s EU ETS CAP3 EU auction cleared lower at €72.90/ton CO2e, down from €74.90/ton CO2e held on 23 May according to EEX.
• Power demand in Germany, France and Great Britain is expected to edge higher by 1.2% year on year this summer according to BNEF.
• French nuclear availability was at around 43.63GW, or 71% of capacity, on Tuesday morning, down from around 75% of capacity on Monday morning, RTE data showed. EdF’s 1.3GW Cattenom 3 reactor will be offline from 30 May for six days amid planned maintenance. The 1.3GW Paluel 3 reactor will be offline until 30 June in an unplanned outage that started 28 May.
• German-French peak load day-ahead prices diverged on the day, with peak prices in Germany falling amid strong wind and solar generation forecast, while prices in France rose as its smaller renewable capacity failed to keep a lid on price increases
• Finnish Firm Wartsila will install a 48MW UK gas-fired peaking power plant after entering an EPC contract with British energy services and solutions company Centrica Distributed Generation, the firm said today.
• The Belgian government has formally objected to French utility EdF’s 600MW Dunkirk wind farm off northeast France due to the location, the government said, cited by Renews.biz.
• The Nordic June baseload power contract has failed to continue upward on Tuesday morning from yesterday's slight rally as losses in European gas and emissions have placed downward pressure on neighbouring European power markets.
• Spanish hydropower reserves last week were unchanged for the third consecutive week according to data from Spain’s Environmental Ministry.
• Spanish rooftop solar power additions from households and firms declined in Q1 by 26% on the year, solar industry group UNEF’s CEO Jose Donoso said, cited by Reuters.
• The European Commission approved up to €1.4bn of state aid by seven members states for the fourth Important Project of Common European Interest, IPCEI, in the hydrogen value chain.