Mid-Day Power Summary: Nordic Sept Recovers

Nordic September power baseload is rebounding from Monday's contract low, supported by gains in neighbouring markets, gas markets and forecast for a slightly drier outlook in the short term. France front-month power has given up some earlier gains to trade only slightly higher on the day.

• Nordic Base Power SEP 24 up 1.6% at 26 EUR/MWh
• France Base Power SEP 24 up 0.2% at 58.85 EUR/MWh
• Germany Base Power SEP 24 up 3% at 86.65 EUR/MWh
• EUA DEC 24 up 2.1% at 70.18 EUR/MT
• TTF Gas SEP 24 up 3.4% at 36.69 EUR/MWh
• Rotterdam Coal SEP 24 up 2% at 122 USD/MT
• TTF front month is holding onto gains today supported by a recovery in wider market risk sentiment and with escalating Middle East risks. Supply could be at risk amid growing concerns that Iran is expected to retaliate for Israel’s killing of Hamas’ political leader in Tehran.
• EU ETS Dec24 is trading higher today with gains in natural gas, weather forecasts suggesting temperatures above the 30-year normal for the next ten days and German June factory orders surprising to the upside rising for the first time this year.
• The latest EU ETS CAP3 EU auction cleared at €68.65/ton CO2e, up from €67.02/ton CO2e in the previous auction, according to EEX.
• Prices for European carbon allowances and natural gas have decoupled amid changing market dynamics, Goldman Sachs’s Michele Della Vigna said, cited by Bloomberg.
• RWE has signed a seven-year PPA for the supply of up to 64GWh/yr of renewable energy with steelmaker Salzgitter Group, the utility said.
• Shell is planning to trade electricity from a battery project in Hampshire, England, for seven years, following an agreement, the firm told Bloomberg.
• Spain’s hydropower reserves continued to decline to 55.4% of capacity as of the end of calendar week 31, down from 57.2% the week prior amid low precipitation and higher power demand according to data from Spain’s Environmental Ministry.
• Romania has withdrawn the first renewable tender that was to be financed through the EU-funded CfD scheme, the energy ministry said.
• The Croatian Energy Market Operator (HROTE) has awarded 416.1MW to 92 projects in its latest renewable tender round from June.