POWER
The German M1 base-load power contract has flipped into positive territory to maintain its 4-month high as TTF prices have risen amid OMV warning that it may have to stop gas payments to Russia’s Gazprom Export – risking Russian gas supplies to Austria. The French equivalent has also tracked higher– also following gas, with gains in emission lending support to both contracts.
- Germany Base Power front month up 2.44% at €78.45/MWh.
- French Base Power front month up 6.54% at €46.10/MWh.
- German-French premium is at €32.45/MWh down from €33.31 on 22 May at the time of writing.
- EUA DEC 24 up 1.76% at €77.55/t CO2e - following gains in gas.
- TTF Gas JUN 24 up 4.21% at €36.13/MWh
- Thursday’s EU ETS CAP3 EU auction cleared much higher at €74.90/t CO2e, up from €71.80/t CO2e in the previous auction held on 21 May according to EEX. The next auction could move up higher amid upward movements in the energy complex.
- Romania’s energy regulatory authority (ANRE) has authorised the build of the first phase of the 450MW Vifor wind farm in southeastern Romania, according to Renews.Biz.
- European power purchased agreements increased for the fifth consecutive time, edging up by €0.22/MWh – supported by gains in the energy complex on Wednesday, according to latest data from energy pricing firm Pexapark.
- Poland’s Orlen to speed up investments in offshore and onshore wind:CEO
- British utility National Grid plans to raise £6.8bn (€7.98bn) of capital to finance upgrades and expand the power grid with the aim of allowing additional renewable projects to connect to the grid, according to Bloomberg.
- Despite the French day-ahead price increasing sharply on the day as wind forecasts still point to low output over Friday prices are still lowest in the EU region amid high French nuclear availability
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