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POWER: End of Day Power Summary: CWE, Italy, Iberian Hold Onto Losses

POWER
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CWE, Italy and Iberian front-month power futures have held onto losses towards the end of Wednesday's session to track similar movements in TTF and EU ETS, with temperatures in NW Europe still expected to be warmer compared to this week, while firm wind generation next week is also weighing.

  • Italy Base Power NOV 24 down 0.7% at 117 EUR/MWh
  • Spain Base Power NOV 24 down 1.6% at 72.9 EUR/MWh
  • France Base Power NOV 24 down 4.2% at 74.15 EUR/MWh
  • Germany Base Power NOV 24 down 2.5% at 85.93 EUR/MWh
  • EUA MAR 25 down 1.6% at 63.24 EUR/MT
  • TTF Gas NOV 24 down 1.3% at 38.765 EUR/MWh
  • TTF front-month prices have remained red, as European fundamentals are stable despite rising LNG supply risks from the Middle East conflict. Pipeline gas supplies to Europe are expected to improve. The contract is well below its first resistance level at €40.55/MWh (intraday high), with the first support level at €36.68/MWh (Sept 25 low).
  • EU ETS Dec24 is following a similar trend as EU gas, with strong wind and warmer temperatures potentially reducing the call for thermal power plants. A drop in equities is also weighing.
  • The latest UKA ICE auction cleared at lower at £34.91/ton CO2e, down from the previous auction £39.20/ton CO2e.
  • Germany is rejecting Italy’s proposal to bring forward the EU’s review of the ban to stop new combustion engine vehicle sales by 2035 as it would cause uncertainty for the industry.
  • France is targeting an annual growth rate of 1.5GW in onshore wind power – aligning with the previous government's objectives.
  • Poland's total hard coal sales reached 3.5 mn/t in August, edging up from 3.29 mn/t in the previous month but slightly lower than 3.56 mn/t in August 2023.
  • PGE is expected to close its €20bn of financing for its 1.5GW Baltica 2 offshore wind farm in November,
  • Nordic hydropower reserves edged down slightly for the second consecutive week in week 39, with stocks at 81.1% of capacity, or 102.96TWh amid higher demand in the region, however, strong rainfall kept the drawdown limited.
  • Sweden’s SENS is ready to start the construction phase of an 85MW BESS unit and a 75MW underground pumped storage facility in Finland, with operations due by 2025
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CWE, Italy and Iberian front-month power futures have held onto losses towards the end of Wednesday's session to track similar movements in TTF and EU ETS, with temperatures in NW Europe still expected to be warmer compared to this week, while firm wind generation next week is also weighing.

  • Italy Base Power NOV 24 down 0.7% at 117 EUR/MWh
  • Spain Base Power NOV 24 down 1.6% at 72.9 EUR/MWh
  • France Base Power NOV 24 down 4.2% at 74.15 EUR/MWh
  • Germany Base Power NOV 24 down 2.5% at 85.93 EUR/MWh
  • EUA MAR 25 down 1.6% at 63.24 EUR/MT
  • TTF Gas NOV 24 down 1.3% at 38.765 EUR/MWh
  • TTF front-month prices have remained red, as European fundamentals are stable despite rising LNG supply risks from the Middle East conflict. Pipeline gas supplies to Europe are expected to improve. The contract is well below its first resistance level at €40.55/MWh (intraday high), with the first support level at €36.68/MWh (Sept 25 low).
  • EU ETS Dec24 is following a similar trend as EU gas, with strong wind and warmer temperatures potentially reducing the call for thermal power plants. A drop in equities is also weighing.
  • The latest UKA ICE auction cleared at lower at £34.91/ton CO2e, down from the previous auction £39.20/ton CO2e.
  • Germany is rejecting Italy’s proposal to bring forward the EU’s review of the ban to stop new combustion engine vehicle sales by 2035 as it would cause uncertainty for the industry.
  • France is targeting an annual growth rate of 1.5GW in onshore wind power – aligning with the previous government's objectives.
  • Poland's total hard coal sales reached 3.5 mn/t in August, edging up from 3.29 mn/t in the previous month but slightly lower than 3.56 mn/t in August 2023.
  • PGE is expected to close its €20bn of financing for its 1.5GW Baltica 2 offshore wind farm in November,
  • Nordic hydropower reserves edged down slightly for the second consecutive week in week 39, with stocks at 81.1% of capacity, or 102.96TWh amid higher demand in the region, however, strong rainfall kept the drawdown limited.
  • Sweden’s SENS is ready to start the construction phase of an 85MW BESS unit and a 75MW underground pumped storage facility in Finland, with operations due by 2025