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POWER: End of Day Power Summary: France, Nordics Diverge

POWER
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French Oct power contract resisted gains in EU ETS and gas amid strong wind forecasts, while downward revisions of Norway’s and Sweden's hydrological balance support the Nordic equivalent, with gains in the energy complex adding some upward pressure.

  • Nordic Base Power OCT 24 up 12.4% at 25.8 EUR/MWh
  • France Base Power OCT 24 down 2.5% at 56.5 EUR/MWh
  • Germany Base Power OCT 24 up 1.6% at 76.15 EUR/MWh
  • EUA DEC 24 up 1.1% at 64.1 EUR/MT
  • TTF Gas OCT 24 up 5% at 36.17 EUR/MWh
  • Rotterdam Coal OCT 24 up 1.5% at 114.05 USD/MT
  • European gas prices extended gains towards the end of the session amid ongoing uncertainty over gas flows, colder weather expected later this month, and slight delays in Norwegian maintenance. Security risks around Russian supplies also remain a concern.
  • EU ETS Dec 24 is also continuing to trade higher today, pushed up by gains in EU gas, while the latest EU ETS CAP3 EU auction cleared higher at €64/ton CO2e, compared with €63.56/ton CO2e in the previous session.
  • British Airways has signed a six-year deal to buy over £9mn in carbon removal credits both in the UK and abroad, with the agreement amounting to around 33,000t of credits.
  • The 2GW French-Spain 400kV Cantegrit-Argia-Hernani interconnector had its capacity curtailed by 300MW on 22 Sept due to an unplanned outage, with the unit to return to full capacity at 23:00 CET today.
  • EdF has extended works at its 910MW Gravelines 1 reactor to 3 Oct from 25 Sept.
  • French hydropower reserves in week 38 failed to climb from the previous week to end at 3.058TWh, or 85.17% of capacity from 86.3% the week prior.
  • Italy will propose a framework next month to cut energy costs for energy-intensive industries and boost renewable projects starting in 2025.
  • Firm Flexbase is planning to develop a 500MW battery storage plant in Switzerland, with construction due to begin in early 2025.
  • Polish energy regulator URE has awarded around PLN775mn (€181mn) of support in its CHP premium September auction for 2.8TWh of generation,
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French Oct power contract resisted gains in EU ETS and gas amid strong wind forecasts, while downward revisions of Norway’s and Sweden's hydrological balance support the Nordic equivalent, with gains in the energy complex adding some upward pressure.

  • Nordic Base Power OCT 24 up 12.4% at 25.8 EUR/MWh
  • France Base Power OCT 24 down 2.5% at 56.5 EUR/MWh
  • Germany Base Power OCT 24 up 1.6% at 76.15 EUR/MWh
  • EUA DEC 24 up 1.1% at 64.1 EUR/MT
  • TTF Gas OCT 24 up 5% at 36.17 EUR/MWh
  • Rotterdam Coal OCT 24 up 1.5% at 114.05 USD/MT
  • European gas prices extended gains towards the end of the session amid ongoing uncertainty over gas flows, colder weather expected later this month, and slight delays in Norwegian maintenance. Security risks around Russian supplies also remain a concern.
  • EU ETS Dec 24 is also continuing to trade higher today, pushed up by gains in EU gas, while the latest EU ETS CAP3 EU auction cleared higher at €64/ton CO2e, compared with €63.56/ton CO2e in the previous session.
  • British Airways has signed a six-year deal to buy over £9mn in carbon removal credits both in the UK and abroad, with the agreement amounting to around 33,000t of credits.
  • The 2GW French-Spain 400kV Cantegrit-Argia-Hernani interconnector had its capacity curtailed by 300MW on 22 Sept due to an unplanned outage, with the unit to return to full capacity at 23:00 CET today.
  • EdF has extended works at its 910MW Gravelines 1 reactor to 3 Oct from 25 Sept.
  • French hydropower reserves in week 38 failed to climb from the previous week to end at 3.058TWh, or 85.17% of capacity from 86.3% the week prior.
  • Italy will propose a framework next month to cut energy costs for energy-intensive industries and boost renewable projects starting in 2025.
  • Firm Flexbase is planning to develop a 500MW battery storage plant in Switzerland, with construction due to begin in early 2025.
  • Polish energy regulator URE has awarded around PLN775mn (€181mn) of support in its CHP premium September auction for 2.8TWh of generation,