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Mid-Day Power Summary: German-French Sept Premium at New High

POWER

The German September power base-load contract has surged to the highest since early June today amid gains in the European energy complex with ongoing supply fears, widening the premium to the French market to a new contract high.

    • France Base Power SEP 24 up 1.6% at 63.3 EUR/MWh
    • Germany Base Power SEP 24 up 3.9% at 94.9 EUR/MWh
    • EUA DEC 24 up 4.5% at 73.3 EUR/MT
    • TTF Gas SEP 24 up 4.1% at 42.035 EUR/MWh
    • Rotterdam Coal SEP 24 up 1.3% at 125.55 USD/MT
  • TTF rallies further above the high from last week driven by ongoing concern for disruption to European gas supplies transit through Ukraine.
  • EU ETS Dec24 has also extended gains to rise to the highest since early June. The latest EU ETS CAP3 EU auction cleared at €71.15/ton CO2e, up from €68.90/ton CO2e in the previous auction according to EEX.
  • France’s EdF has reduced nuclear generation at several reactors amid forecasts for high river temperatures at the Garonne and Rhone rivers.
  • French hydropower reserves last week – week 32 – were broadly stable at 86.6% of capacity, or 3.108TWh, widening the surplus to the five-year average and 2023 levels, RTE data showed.
  • Germany’s Federal Finance Minister Christian Lindner has called for a stop to solar subsidies as funding is no longer needed on a general scale as the sector is profitable, Lindner said.
  • Sunnica Energy’s 500MW hybrid battery and solar farm project is facing legal disputes from local governments in the UK following its approval in July 2024.
  • Cero Generation will begin construction of five solar projects with a combined capacity of 244.7MW in Spain imminently, after the firm secured financing.
  • The unplanned outage at the 1.02GW Estlink interconnector between Finland Estonia has been extended until 12 September, from 31 August previously scheduled amid an updated repair timetable, remit data showed.
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