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POWER: End of Day Power Summary: FR-DE Discount Widens to Rebound

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The CWE forward curve has held onto sharp gains towards the end of Thursday’s session, supported by price increases in EU ETS, European gas and coal, with November gains in Germany outpacing France amid stable nuclear in the latter country – widening the FR-DE Nov discount after its two-session narrowing trend.

  • France Base Power NOV 24 up 3.1% at 76.35 EUR/MWh
  • Germany Base Power NOV 24 up 4.1% at 89.01 EUR/MWh
  • EUA DEC 24 up 4.7% at 64.91 EUR/MT
  • TTF Gas NOV 24 up 4.4% at 40.01 EUR/MWh
  • Rotterdam Coal NOV 24 up 3.3% at 121.75 USD/MT
  • The TTF front-month contract is gaining support amid ongoing Middle East uncertainty, with markets closely watching Israel’s response to Iran. Though fundamentals remain steady. The contract is nearing its first key resistance at €41.18/MWh (Oct 4 high), with support at €37.40/MWh.
  • EU ETS Dec 24 is up to track similar price moves in European gas, with coal prices adding additional support, while the latest EU ETS CAP3 EU auction cleared higher at €63.30/ton CO2e from €59.85/ton CO2e in the previous auction.
  • EU ETS Dec24 allowances and TTF gas prices have converged today and are moving in a similar direction, after several sessions of diverging, with rising tensions in the Middle East supporting natural gas prices, while emissions shrugged off the gas gains.
  • Spain’s gas TSO Enagas and the Dutch gas TSO Gasunie have signed a MoU for a feasibility study for the transport and storage of CO2 from Spain to the Netherlands.
  • Poland’s Maciej Bando stresses the urgent need to develop a capacity market program to ensure stable energy supplies post-2028, due to the rapid growth of renewable energy
  • Nordic grid companies have postponed the new mFRR energy market launch to the end of Jan 2025 to allow Statnett more time to ensure safe automated balance management.
  • The EIB and Italian Intesa Sanpaolo have initiated a project to unlock up to €8bn for the European wind industry, facilitating the installation of 32GW of the 117GW required by the EU.
  • Italy is looking at Westinghouse and EdF for partners for a state-backed firm to build new nuclear power plants in Italy.
  • EU PPA prices rebounded from their two-session downward trend on 9 Oct, inching up by €0.05/MWh from 8 Oct. PPA price could be supported in the short term amid price increases in the energy complex
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The CWE forward curve has held onto sharp gains towards the end of Thursday’s session, supported by price increases in EU ETS, European gas and coal, with November gains in Germany outpacing France amid stable nuclear in the latter country – widening the FR-DE Nov discount after its two-session narrowing trend.

  • France Base Power NOV 24 up 3.1% at 76.35 EUR/MWh
  • Germany Base Power NOV 24 up 4.1% at 89.01 EUR/MWh
  • EUA DEC 24 up 4.7% at 64.91 EUR/MT
  • TTF Gas NOV 24 up 4.4% at 40.01 EUR/MWh
  • Rotterdam Coal NOV 24 up 3.3% at 121.75 USD/MT
  • The TTF front-month contract is gaining support amid ongoing Middle East uncertainty, with markets closely watching Israel’s response to Iran. Though fundamentals remain steady. The contract is nearing its first key resistance at €41.18/MWh (Oct 4 high), with support at €37.40/MWh.
  • EU ETS Dec 24 is up to track similar price moves in European gas, with coal prices adding additional support, while the latest EU ETS CAP3 EU auction cleared higher at €63.30/ton CO2e from €59.85/ton CO2e in the previous auction.
  • EU ETS Dec24 allowances and TTF gas prices have converged today and are moving in a similar direction, after several sessions of diverging, with rising tensions in the Middle East supporting natural gas prices, while emissions shrugged off the gas gains.
  • Spain’s gas TSO Enagas and the Dutch gas TSO Gasunie have signed a MoU for a feasibility study for the transport and storage of CO2 from Spain to the Netherlands.
  • Poland’s Maciej Bando stresses the urgent need to develop a capacity market program to ensure stable energy supplies post-2028, due to the rapid growth of renewable energy
  • Nordic grid companies have postponed the new mFRR energy market launch to the end of Jan 2025 to allow Statnett more time to ensure safe automated balance management.
  • The EIB and Italian Intesa Sanpaolo have initiated a project to unlock up to €8bn for the European wind industry, facilitating the installation of 32GW of the 117GW required by the EU.
  • Italy is looking at Westinghouse and EdF for partners for a state-backed firm to build new nuclear power plants in Italy.
  • EU PPA prices rebounded from their two-session downward trend on 9 Oct, inching up by €0.05/MWh from 8 Oct. PPA price could be supported in the short term amid price increases in the energy complex