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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 remained down on Wednesday, tracking losses in TTF and EU ETS markets, with above seasonal average temperatures throughout 6–10 day ECMWF forecasts in NW Europe providing further downward pressure.  The French-German December discount has narrowed for the third consecutive session to be at €5.82/MWh at the time of writing.

  • Spain Base Power DEC 24 down 1.6% at 97 EUR/MWh
  • Italy Base Power DEC 24 down 0.4% at 132.4 EUR/MWh
  • France Base Power DEC 24 down 1.8% at 95.73 EUR/MWh
  • Germany Base Power DEC 24 down 2.2% at 101.55 EUR/MWh
  • EUA DEC 24 down 1.3% at 68.3 EUR/MT
  • TTF Gas DEC 24 down 1.4% at 46.55 EUR/MWh
  • Rotterdam Coal DEC 24 down 0.2% at 119.75 USD/MT
  • TTF prices have continued their decline, driven by milder weather across Europe reducing demand and leading to a slowdown in storage withdrawals. Strong wind in the region has also placed some downward pressure. The contract’s first resistance is at €49.55/MWh, with support at €44.88/MWh.
  • EU ETS Dec24 has held onto losses and is trading lower, influenced by movements in EU gas and coal prices. Milder weather is also limiting thermal generation.
  • The latest UKA ICE auction cleared at lower at £35.50/ton CO2e, compared with the previous auction at £37.3/ton CO2e on 13 November.
  • The 905MW Langage CCGT plant had an unplanned outage 13:30GMT on Wednesday which is scheduled to last for 24 hours.
  • French officials are planning to provide state-owned EdF with an interest-free loan to help finance the construction of six new nuclear reactors (10GW), with the loan expected to be finalised by next year.
  • The 400MW curtailment at the 1.1GW Forsmark 1 nuke has been extended to 27 Nov 20:30 CET from the same day at 17:00 CET.
  • The unplanned 700MW curtailment at 1.4GW North Sea link between Norway’s NO2 bidding zone and the UK has been extended again by one day to 29 Nov 23:00 GMT.
  • Nordic hydropower reserves continued downward from the previous week to be at 83.2% capacity, or 105.67TWh by the end of week 47. The decline was driven by much higher power demand and a sharp drop in Finnish nuclear output amid unplanned outages over the week, which offset a strong increase in precipitation.
  • Italian hydropower reserves last week – calendar week 47 – continued downward to be at 3.13TWh – however, stocks widened their surplus to the 5-year average – as sustained rising demand, lower PV output and limited precipitation in the hydro-intensive region of Torino weighed on stocks
  • Iberian power future volumes are on track to rise by 80% year on year in 2024 to 180-190TWh.
  • Serbia is planning its second round of renewable auctions with decline 5 February for 300MW of wind capacity and 124.8MW of solar PV capacity, with lower maximum prices compared with the first auction.
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CWE, Italy, and Iberian front-month power futures remained down on Wednesday, tracking losses in TTF and EU ETS markets, with above seasonal average temperatures throughout 6–10 day ECMWF forecasts in NW Europe providing further downward pressure.  The French-German December discount has narrowed for the third consecutive session to be at €5.82/MWh at the time of writing.

  • Spain Base Power DEC 24 down 1.6% at 97 EUR/MWh
  • Italy Base Power DEC 24 down 0.4% at 132.4 EUR/MWh
  • France Base Power DEC 24 down 1.8% at 95.73 EUR/MWh
  • Germany Base Power DEC 24 down 2.2% at 101.55 EUR/MWh
  • EUA DEC 24 down 1.3% at 68.3 EUR/MT
  • TTF Gas DEC 24 down 1.4% at 46.55 EUR/MWh
  • Rotterdam Coal DEC 24 down 0.2% at 119.75 USD/MT
  • TTF prices have continued their decline, driven by milder weather across Europe reducing demand and leading to a slowdown in storage withdrawals. Strong wind in the region has also placed some downward pressure. The contract’s first resistance is at €49.55/MWh, with support at €44.88/MWh.
  • EU ETS Dec24 has held onto losses and is trading lower, influenced by movements in EU gas and coal prices. Milder weather is also limiting thermal generation.
  • The latest UKA ICE auction cleared at lower at £35.50/ton CO2e, compared with the previous auction at £37.3/ton CO2e on 13 November.
  • The 905MW Langage CCGT plant had an unplanned outage 13:30GMT on Wednesday which is scheduled to last for 24 hours.
  • French officials are planning to provide state-owned EdF with an interest-free loan to help finance the construction of six new nuclear reactors (10GW), with the loan expected to be finalised by next year.
  • The 400MW curtailment at the 1.1GW Forsmark 1 nuke has been extended to 27 Nov 20:30 CET from the same day at 17:00 CET.
  • The unplanned 700MW curtailment at 1.4GW North Sea link between Norway’s NO2 bidding zone and the UK has been extended again by one day to 29 Nov 23:00 GMT.
  • Nordic hydropower reserves continued downward from the previous week to be at 83.2% capacity, or 105.67TWh by the end of week 47. The decline was driven by much higher power demand and a sharp drop in Finnish nuclear output amid unplanned outages over the week, which offset a strong increase in precipitation.
  • Italian hydropower reserves last week – calendar week 47 – continued downward to be at 3.13TWh – however, stocks widened their surplus to the 5-year average – as sustained rising demand, lower PV output and limited precipitation in the hydro-intensive region of Torino weighed on stocks
  • Iberian power future volumes are on track to rise by 80% year on year in 2024 to 180-190TWh.
  • Serbia is planning its second round of renewable auctions with decline 5 February for 300MW of wind capacity and 124.8MW of solar PV capacity, with lower maximum prices compared with the first auction.