POWER: End of Day Power Summary: CWE, Iberian M1 Extends Losses

The CWE, Italian and Iberian power September base-load contracts have fallen further towards the end of Wednesday’s session as further falls in the energy complex have weighed.

• France Base Power SEP 24 down 2.9% at 70.55 EUR/MWh
• Germany Base Power SEP 24 down 1.9% at 90.1 EUR/MWh
• EUA DEC 24 down 0.9% at 72.44 EUR/MT
• TTF Gas SEP 24 down 2.1% at 37.15 EUR/MWh
• Rotterdam Coal SEP 24 down 2.6% at 116.8 USD/MT
• EU ETS Dec 24 continues to be pressured by price declines in the gas and coal sector, while EU ETS Investment funds' positioning turned bullish for the third consecutive week, reducing the possibility of a short squeeze.
• TTF has extended its losses from the morning session to reach its lowest level since 7 August as concerns about disrupted Russian flows via Ukraine decrease the risk premium.
• Allocated capacity in the French-German direction in the September CBC Jao auction almost halved on the month, with the Jao FR-DE auction price spread at €19.50/MWh.
• Germany’s auto association calls for even stricter climate targets on fuels than the EU’s RED III to become climate neutral in the road traffic sector by 2045, VDA said.
• Over half of Germans are against the country's domestic carbon pricing mechanism which covers transport and building industries.
• Sweden’s plan to give nuclear power plants 40-year CfD’s at €70/MWh could discourage investments in other generation sources and weaken market signals.
• Statnett recommended making EPAD auctions permanent, arguing the auctions are the best mechanism for meeting NVE’s goals,
• Nordic hydropower reserves slowed the speed of their rise last week (week 33) to be at 75.9% of capacity, or 96.16TWh, with stocks widening their deficit for the same week in 2023.