Mid-Day Power Summary: Germany August Edges Higher

The German August power base load is struggling to find a clear direction today choppy sessions for European gas prices and carbon allowances. French front-month power is edging down, weighed on by losses in weekly contracts amid a further downward revision in temperature forecasts.

• France Base Power AUG 24 down 1.2% at 46.5 EUR/MWh
• Germany Base Power AUG 24 up 1.1% at 76.51 EUR/MWh
• EUA DEC 24 up 1.2% at 68.86 EUR/MT
• TTF Gas AUG 24 down 0.3% at 33.37 EUR/MWh
• Rotterdam Coal AUG 24 down 0.8% at 105 USD/MT
• Front month TTF is struggling to find a direction today as bearish fundamentals, high stocks and cooler weather in NW Europe are weighed against potential supply risks.
• EU ETS Dec24 is continuing the recent bullish trend after dipping lower earlier in the session. The latest EU ETS CAP3 EU auction cleared at €66.71/ton CO2e, down from €67.83/ton CO2e in the previous auction according to EEX.
• The latest 6-10 day ECMWF weather forecast for Paris suggested temperatures have been slightly revised down at the front of the forecast and are expected to be below normal until 8 July, after which temperatures will rise well above normal.
• EdF has extended the unplanned outage at the 880MW Bugey 5 reactor until Wednesday 11:00am CET, from Tuesday evening previously scheduled, remit data showed.
• Emeren Group and PLT Energia have teamed up to develop 394MW of Italian battery storage, PLT said.
• Spanish hydropower reserves last week declined for the fifth consecutive week to 62.7% of capacity, down from 63.7% the week before according to data from Spain’s Environmental Ministry. But heavy rainfalls in northern Spain could support inflows into reserves this week.