POWER: End of Day Power Summary: CWE, Nordic Forward Curve Climbs on Week

CWE and Nordic power futures are on track to end higher on the week owing to similar price moves in TTF, emissions and cooler temps, while extended shutdowns of nuclear units in France and a much drier outlook in the Nordics support domestic prices.

• Nordic Base Power OCT 24 up 2.8% at 29.3 EUR/MWh
• France Base Power OCT 24 up 1.9% at 63 EUR/MWh
• Germany Base Power OCT 24 up 0.6% at 80.55 EUR/MWh
• EUA DEC 24 down 0.3% at 66.3 EUR/MT
• TTF Gas OCT 24 up 0.7% at 38.16 EUR/MWh
• Rotterdam Coal OCT 24 up 1.5% at 118.25 USD/MT
• TTF has retreated from earlier highs but remains poised for a weekly gain, supported by lower pipeline imports, cooler weather, and Middle East risks. Uncertainty around future gas transit through Ukraine is adding downward pressure
• EU ETS Dec24 is retreating today but remains on course for a weekly gain, driven by strength in natural gas markets, while the latest weekly German EUA CAP3 auction increased on the week and cleared at €65.45/ton CO2e from €63.18/ton CO2e in the previous auction.
• EdF has extended the outage at its 915MW Cruas 4 nuclear reactor to 1 Oct from 29 Sept.
• France has delayed the launch of its planned 8-10GW offshore wind tender to the end of the year, after the government delayed the publication of suitable areas.
• Spain’s updated NECP stipulates a delay in the two interconnection projects – with each 2GW of capacity - with France to 2035, from 2030.
• The UK may miss its electric car sales targets without swift customer incentives.
• Norwegian Energy Minister Terje Aasland will lend support of up to NOK 35bn (€3bn) for the first floating offshore wind project, likely limiting development at Utsira Nord to one project.
• Slovak Prime Minister Robert Fico plans to discuss building a 1.2GW nuclear unit at its Jaslovske Bohunice nuclear reactor during his visit to South Korea.