Mid-Day Power Summary: Nordic Sept Plunges on Wetter Outlook

Nordic September power is falling sharply for the second consecutive day as forecasts suggested wetter weather and a firm positive hydrological balance in Norway for early September. The French front month is edging higher today and continues to track a sharp weekly net increase.

• Nordic Base Power SEP 24 down 4.8% at 26 EUR/MWh
• France Base Power SEP 24 up 0.3% at 69 EUR/MWh
• Germany Base Power SEP 24 down 0.7% at 91.67 EUR/MWh
• EUA DEC 24 up 0.2% at 72.27 EUR/MT
• TTF Gas SEP 24 down 1% at 39.19 EUR/MWh
• Rotterdam Coal SEP 24 up 0.9% at 124.1 USD/MT
• TTF front month is tracking a small weekly decline with prices between trading in the range of €38.5/MWh to €40.4/MWh range this week as the market assess the supply risks from Ukraine’s ongoing incursion into Kursk.
• EU ETS Dec24 is edging higher today despite losses in natural gas prices. The latest weekly German EUA CAP3 auction cleared at €71/ton CO2e, up from €70.46/ton CO2e in the previous auction on 9 August according to EEX.
• The German and French day-ahead base-load contracts edged down on the day as lower power demand over the weekend weighed, while reduced wind and a drop-in French nuclear lent support.
• Norway is unlikely to remove the guarantees of origin since the market has grown significantly in the last years, Norway’s energy minister Terje Aasland said, cited by Montel.
• Maintenance on the 2.5GW Latvian-Lithuanian interconnector has been extended by 7 days to 25 August.
• Czech utility Cez has reconnected its 1GW nuclear Temelin unit 2 overnight after it was unexpectedly disconnected on 13 August, Cez said today.
• The Hungarian energy ministry has allowed its 1.91GW Paks nuclear power plant to operate even when the released cooling water surpasses Danube river temperature limits.