POWER: End of Day Power Summary: CWE, Iberian Track Falling TTF, Nordic Resist

CWE and Iberian power futures have ended the session lower today amid a deterioration in European gas prices, with declines in emissions adding further downward pressure. The Nordic Oct continues to be supported by a weakened hydrological balance.

• Nordic Base Power OCT 24 up 2% at 22.7 EUR/MWh
• France Base Power OCT 24 down 6.8% at 69.85 EUR/MWh
• Germany Base Power OCT 24 down 4.2% at 84.99 EUR/MWh
• EUA DEC 24 down 2.9% at 68.36 EUR/MT
• TTF Gas OCT 24 down 3.8% at 37.1 EUR/MWh
• Rotterdam Coal OCT 24 down 4.2% at 115.35 USD/MT
• TTF is slipping to its lowest point since 27 Aug, with ample storage ahead of the winter heating season counterbalancing ongoing geopolitical risks.
• EU ETS Dec24 continued to be weighed on throughout the morning amid declines in natural gas markets, with the latest EU ETS CAP3 EU auction cleared lower at €68.56/ton CO2e from €69.30/ton CO2e – adding further weight.
• The correlation in price moves between European carbon allowances and gas prices strengthened and reached 90% in August after signs of decoupling since late May/June.
• Power consumption in Germany, France and Great Britain is forecast to average 38GW in September, up from 37GW in August but 2% below 2023 levels.
• BNEF forecasts France’s nuclear generation at 356TWh this year, within the updated estimates by EdF.
• Scotland has approved Kona Energy’s 228MW battery storage unit in Scotland, with the plant able to store around 456MWh.
• Ocean wind secured the environmental greenlight for infrastructure for the 500MW BC-Wind offshore wind farm in Poland’s Baltic Sea.
• Enfinity Global will build 157MW of Italian PV, with commissioning expected in 2025.