POWER: End of Day Power Summary: CWE gives back most gains

CWE front-month futures have given back most of their gains towards the end of the session as European gas prices have retreated from their highs, with a decline in carbon allowances weighing.

• France Base Power SEP 24 down 0% at 72.91 EUR/MWh
• Germany Base Power SEP 24 up 1.4% at 91.53 EUR/MWh
• EUA DEC 24 down 0.9% at 70.87 EUR/MT
• TTF Gas SEP 24 up 0.1% at 38.735 EUR/MWh
• TTF front-month has been relatively stable towards the end of the session as fundamentals are generally unchanged, with a focus on tightening supplies during the Norwegian maintenance season.
• The latest bi-weekly Polish Primary Market Auction (Phase 4 - CAP3) cleared slightly lower at €70.39/ton CO2e from €70.59/ton CO2e in the previous auction.
• EdF will cut its 1.3GW Cattenom 4 nuclear unit for 37 days to save fuel.
• The Swiss Federal Council has suggested that the ban on the construction of new nuclear power plants, which has been enforced since 2018, poses a risk for the decommissioning of old units and is against its “objective of openness to different technologies.”
• Poland’s PEJ has applied to the Polish government to start preparatory work for the country’s first 1-1.6GW nuclear power plant.
• Nordic hydropower reserves quickened the pace of their rise in week 34 to have the largest WoW gain since week 25 of this year and be at 78.4% of capacity, or 99.50TWh, with stocks flipping to a surplus for the same week in 2023.
• Estonian firm Sunly will accelerate the deployment of 1.3GW of wind, solar, hybrid projects and battery storage in Poland and the Baltics after having secured €300mn in financing.
• German Bals/SelzEnergie group have inched closer to completing their 330MW wind farm pipeline in southern Germany for 2027, with Enercon chosen to supply and install the turbines.