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Mid-Day Power Summary: Germany, France Sept Edges Higher

POWER

German and French front-month power futures are trading higher on the day with initial support from natural gas prices due to potential supply disruptions via Ukraine. France’s EdF may curtail nuclear output in the coming week due to high river temperatures. Nordic front-month power is edging lower amid forecasts for wetter weather, while the German market gave up some of the earlier gains driven by the gas rally.

    • France Base Power SEP 24 up 1.1% at 60.85 EUR/MWh
    • Germany Base Power SEP 24 up 0.7% at 89.49 EUR/MWh
    • Nordic Base Power SEP 24 down 0.2% at 25.7 EUR/MWh
    • EUA DEC 24 down 0% at 70.54 EUR/MT
    • TTF Gas SEP 24 up 0.9% at 38.8 EUR/MWh
    • Rotterdam Coal SEP 24 unchanged at 122 USD/MT
  • TTF front month has risen again this morning as nominations via the Sudzha gas entry point appeared to be lower on the day, suggesting potential supply disruptions. But reports from the operator that gas transit is taking place erased some of the earlier gains.
  • EU ETS Dec24 is struggling to find a clear direction today with support from natural gas prices, while weather forecasts suggested slightly cooler weather and higher renewables output.
  • The latest EU ETS CAP3 EU auction cleared at €68.90/ton CO2e, up from €68.65/ton CO2e in the previous auction on Tuesday, according to EEX.
  • Uniper has advanced outright power hedges for power generation in Germany and in the Nordics at lower prices quarter on quarter, it said.
  • The French-Swiss Asphard-Sierentz (Wiesenthal Sued) power interconnector had n unplanned outage 7 August 17:00 CET that is scheduled to last until 8 August 16:00 CET.
  • EdF extended the potential nuclear production curbs at the 2.62GW Golfech reactors by three days until 17 August due to high temperatures forecast on the Garonne river, with one unit in must run amid grid constraints.
  • Italian hydropower reserves decreased for the third consecutive week to 3.64TWh as of the end of calendar week 31, down from 3.73TWh the week before.
  • Engie has signed a 10-year PPA with Carrefour in Spain to supply around 180GWh/yr of renewable energy according to Europapress.
  • Romania’s Ministry of Energy has approved the delayed CfD scheme for renewable tenders and will launch the first tender round later this year according to PV Tech.
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