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POWER: End of Day Power Summary: FR-DE Dec Discount Narrows, Holds onto Losses

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The CWE front month has held onto losses towards the end of Thursday's session, weighed on by price falls in European gas, with losses in EU ETS adding downward pressure. The French-December discount narrowed for the fourth consecutive session to hit its lowest this week at around €5.40/MWh at the time of writing.

  • France Base Power DEC 24 down 0.3% at 95.6 EUR/MWh
  • Germany Base Power DEC 24 down 0.5% at 101 EUR/MWh
  • EUA DEC 24 down 0.7% at 67.99 EUR/MT
  • TTF Gas DEC 24 down 1% at 46.285 EUR/MWh
  • Rotterdam Coal DEC 24 up 0% at 119.75 USD/MT
  • TTF prices have remained down amid mild weather across Europe easing gas storage pressure, but supply risks from Russian transit via Ukraine and LNG competition with Asia remain in focus. Looking ahead, NW Europe’s 6-10 day ECMWF forecast shows above-norm temperatures over most of the period, potentially further limiting gas demand.
  • EU ETS Dec24 continues to trade in red to track losses in TTF, with small gains in coal and relatively low forecast of wind next week – specifically in Germany – also limiting losses.
  • The Czech Republic opposes the EU's ETS2 emissions trading system for housing and transport, with Prime Minister Petr Fiala urging its modification or abandonment to protect the bloc’s competitiveness.
  • The French government is not planning to increase taxes on electricity, which is expected to lower household power prices, France’s Prime Minister Michel Barnier told Le Figaro.
  • UK fossil fuel power generation reached record lows in 3Q24, falling below 5GW in August. However, challenges remain in decarbonising the power sector, including reducing natural gas use, upgrading grid infrastructure, and managing rising balancing costs
  • Statnett has simplified grid connections for solar with battery plants, allowing facilities up to 10MW with 5MW battery systems to connect without prior approval.
  • The main capacity auction held by TSO PSE for Poland's 2029 delivery year will begin on 12 December at 08:00 CET, offering 14GW of capacity obligations with a starting price of 536.80 PLN/kW/year.
  • Poland’s Jan 25 power contract has fallen slightly from the previous session to track losses in Emissions, with unchanged prices in coal providing limited support. However, temperatures in Warsaw are expected to get cooler, dropping into negative territory over 5-9 Dec – possibly increasing heating demand. But with limited works at power plants over January 2025 – a strong power supply could keep prices somewhat subdued.
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The CWE front month has held onto losses towards the end of Thursday's session, weighed on by price falls in European gas, with losses in EU ETS adding downward pressure. The French-December discount narrowed for the fourth consecutive session to hit its lowest this week at around €5.40/MWh at the time of writing.

  • France Base Power DEC 24 down 0.3% at 95.6 EUR/MWh
  • Germany Base Power DEC 24 down 0.5% at 101 EUR/MWh
  • EUA DEC 24 down 0.7% at 67.99 EUR/MT
  • TTF Gas DEC 24 down 1% at 46.285 EUR/MWh
  • Rotterdam Coal DEC 24 up 0% at 119.75 USD/MT
  • TTF prices have remained down amid mild weather across Europe easing gas storage pressure, but supply risks from Russian transit via Ukraine and LNG competition with Asia remain in focus. Looking ahead, NW Europe’s 6-10 day ECMWF forecast shows above-norm temperatures over most of the period, potentially further limiting gas demand.
  • EU ETS Dec24 continues to trade in red to track losses in TTF, with small gains in coal and relatively low forecast of wind next week – specifically in Germany – also limiting losses.
  • The Czech Republic opposes the EU's ETS2 emissions trading system for housing and transport, with Prime Minister Petr Fiala urging its modification or abandonment to protect the bloc’s competitiveness.
  • The French government is not planning to increase taxes on electricity, which is expected to lower household power prices, France’s Prime Minister Michel Barnier told Le Figaro.
  • UK fossil fuel power generation reached record lows in 3Q24, falling below 5GW in August. However, challenges remain in decarbonising the power sector, including reducing natural gas use, upgrading grid infrastructure, and managing rising balancing costs
  • Statnett has simplified grid connections for solar with battery plants, allowing facilities up to 10MW with 5MW battery systems to connect without prior approval.
  • The main capacity auction held by TSO PSE for Poland's 2029 delivery year will begin on 12 December at 08:00 CET, offering 14GW of capacity obligations with a starting price of 536.80 PLN/kW/year.
  • Poland’s Jan 25 power contract has fallen slightly from the previous session to track losses in Emissions, with unchanged prices in coal providing limited support. However, temperatures in Warsaw are expected to get cooler, dropping into negative territory over 5-9 Dec – possibly increasing heating demand. But with limited works at power plants over January 2025 – a strong power supply could keep prices somewhat subdued.