Mid-Day Power Summary: Italy Falls Back Below €100/MWh on Energy Complex

Italy August power contract is trading below €100/MWh for the first time in the past two sessions to track price falls in EU ETS and gas, however, max temperatures in Rome are still anticipated to be above 30C over 6–10 day forecasts – likely spurring cooling demand. The German and Nordic equivalents continue to resist falls in the energy complex to be supported by power plant maintenance and a negative Norwegian hydro balance.

• Italy Base Power AUG 24 down 1.1% at 99.17 EUR/MWh
  
• Nordic Base Power AUG 24 up 5.7% at 30 EUR/MWh
• France Base Power AUG 24 up 5% at 49.74 EUR/MWh
• Germany Base Power AUG 24 up 1.7% at 70.83 EUR/MWh
• EUA DEC 24 down 2% at 64.95 EUR/MT
• TTF Gas AUG 24 down 2.4% at 31.39 EUR/MWh
• Rotterdam Coal AUG 24 down 1.5% at 107.05 USD/MT
• TTF front month continues to be weighed on by high gas storage levels, which has eased supply risks, while the front month remains above the monthly low seen on July 11.
• EU ETS Dec 24 is trading lower today, weighed down by losses in European gas, with the latest EU ETS CAP3 EU auction clearing at €64.37/ton CO2e from €64.96/ton CO2e in the previous auction according to EEX.
• The latest 6-10 day ECMWF weather forecasts for Rome suggest max temperatures over 23-31 July at between 30.7-33.5C – likely supporting cooling demand.
• Harmony Energy is set to build a 100MW battery storage facility in France, with the project being the country’s first large scale 2-hour battery project, the firm said.
• The UK is aiming to secure 6.5GW in the next capacity market auction in March 2025 for 2025-26 delivery, down from 7.6GW secured in the previous auction, the government said, cited by Montel.
• Algeria’s Sonatrach and Sonelgaz plan to build a subsea power link with Europe, aiming to start construction in the next few days when agreements are signed, Energy minister Mohamed Arkab said, cited by Bloomberg.
• Portugal is planning to meet 93% of its final energy consumption by renewables by 2030, compared to 61% in 2023, updated NECP draft show, cited by XM.
• The 700MW unit 1 at Romania’s 1.4GW Cernavoda nuclear power plant disconnected on the evening of 19 July in an unplanned outage, with the unit anticipated to return on 24 July, latest Remit data show.
• Hungary added 673MW of solar capacity in 1H 2024, pushing its total installed capacity to around 6.71GW, the Energy Affairs ministry said, cited by BNE IntelliNews.