POWER: End of Day Power Summary: CWE Holds On To Gains

The German and French power M1 contracts have remained in green territory towards the end of the session, with rising European gas prices providing support, while avg temps in NWE are expected to drop below the norm throughout the 6-10-day forecasts.

• France Base Power OCT 24 up 2.5% at 69.26 EUR/MWh
• Germany Base Power OCT 24 up 1.2% at 83.85 EUR/MWh
• EUA DEC 24 down 0.3% at 66.33 EUR/MT
• TTF Gas OCT 24 up 2% at 37.2 EUR/MWh
• EU ETS Dec24 is trading relatively flat despite increases in gas and coal, while the latest EU ETS auction cleared lower at €65.75/t CO2e from €65.99/t CO2e in the previous auction, with high renewable forecasts weighing.
• TTF M1 held gains due to cooler weather forecasts, reduced gas supplies from Norway and Algeria, potential US LNG disruptions from hurricane risks, and increased Egyptian LNG buying.
• EU coal demand in power, cement and steel sectors is “very quiet,” with lower gas prices and additional renewables mostly impacting EU imports.
• French hydropower reserves in week 36 fell to 85.2% of capacity but widened the surplus over the five-year average.
• Ripple Energy is calling for the government to remove all charges on public households that use their source of renewable power to increase the expansion of energy cooperatives.
• The proposed maximum price for Poland’s offshore wind auctions of PLN471.83/MWh is too low, and an adequate price level is crucial for the country’s successful energy transition.
• Greece, Bulgaria and Romania are planning to propose a permanent mechanism to avoid extreme power prices when southeastern Europe is cut off from the remainder of the European power market.
• Romania is planning its first renewable auction under the CfD scheme in mid-November to auction 1.5GW of onshore wind and solar PV projects.