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Mid-Day Power Summary: German June Power Erases Some Gains

POWER
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German June power base load is erasing some of the earlier gains but continues to trade higher on the day, amid smaller gains in European gas and EUA allowances.

    • France Base Power JUN 24 down 3.1% at 37.3 EUR/MWh
    • Germany Base Power JUN 24 up 0.4% at 66.2 EUR/MWh
    • EUA DEC 24 up 0.2% at 70.21 EUR/MT
    • TTF Gas JUN 24 up 0.7% at 30.45 EUR/MWh
    • Rotterdam Coal JUN 24 unchanged at 111.45 USD/MT
  • TTF front month has erased some of the earlier gains but remains up on the day with supply risks from Ukraine adding to competition for LNG supplies from Asia to offset the stable near term European fundamentals.
  • EU ETS Dec 2024 removed some earlier gains to trade rangebound. The latest weekly German EUA CAP3 auction cleared today at €69.46/MWh, down from €71.18/t CO2e in the previous auction held on 3 May according to EEX.
  • The EU coal phase out will not necessarily free up more carbon allowances if member states decide to cancel permits voluntarily such as in the case of Germany according to BNEF.
  • The French day-ahead base-load contract was down on the day amid reduced power demand over the weekend – hitting the lowest power price in Europe.
  • The French June base-load power contract is pulling back from yesterday’s gains but remains within this week’s range of €36.70/MWh to €47.31/MWh amid muted cooling demand and above-normal nuclear availability.
  • France’s Engie advanced its outright power production hedging – nuclear and hydropower generation – in Europe quarter on quarter at lower prices, the utility said during the Q1 2024 earnings call.
  • Germany has flipped to a net export position to the Netherlands so far in May for the first time this year as German PV has reached a yearly high, while gas-fired and hydro generation has remained firm on the month.
  • European energy markets have seen signs of stabilization over the last weeks, but markets are not yet “fully out of the woods”, Engie CEO Catherine MacGregor said during the Q1 earnings call.
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German June power base load is erasing some of the earlier gains but continues to trade higher on the day, amid smaller gains in European gas and EUA allowances.

    • France Base Power JUN 24 down 3.1% at 37.3 EUR/MWh
    • Germany Base Power JUN 24 up 0.4% at 66.2 EUR/MWh
    • EUA DEC 24 up 0.2% at 70.21 EUR/MT
    • TTF Gas JUN 24 up 0.7% at 30.45 EUR/MWh
    • Rotterdam Coal JUN 24 unchanged at 111.45 USD/MT
  • TTF front month has erased some of the earlier gains but remains up on the day with supply risks from Ukraine adding to competition for LNG supplies from Asia to offset the stable near term European fundamentals.
  • EU ETS Dec 2024 removed some earlier gains to trade rangebound. The latest weekly German EUA CAP3 auction cleared today at €69.46/MWh, down from €71.18/t CO2e in the previous auction held on 3 May according to EEX.
  • The EU coal phase out will not necessarily free up more carbon allowances if member states decide to cancel permits voluntarily such as in the case of Germany according to BNEF.
  • The French day-ahead base-load contract was down on the day amid reduced power demand over the weekend – hitting the lowest power price in Europe.
  • The French June base-load power contract is pulling back from yesterday’s gains but remains within this week’s range of €36.70/MWh to €47.31/MWh amid muted cooling demand and above-normal nuclear availability.
  • France’s Engie advanced its outright power production hedging – nuclear and hydropower generation – in Europe quarter on quarter at lower prices, the utility said during the Q1 2024 earnings call.
  • Germany has flipped to a net export position to the Netherlands so far in May for the first time this year as German PV has reached a yearly high, while gas-fired and hydro generation has remained firm on the month.
  • European energy markets have seen signs of stabilization over the last weeks, but markets are not yet “fully out of the woods”, Engie CEO Catherine MacGregor said during the Q1 earnings call.