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POWER: End of Day Power Summary: German Cal 25 Climbs to Highest Since Dec 2023

POWER
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The German power outright calendar contract Cal 25 rose to its highest since 1 Dec 2023 before easing back slightly amid sharp gains further out on TTF, with upward price moves in emissions adding support. Additionally, the German front week has diverged from the second week ahead amid stronger wind forecasts expected early next week, with cooler weather in NW Europe in early Dec.

  • Germany Power Cal 2025 up 4.4% at 102.85 EUR/MWh
  • Germany Base Power Week 2 down 1% at 115.5 EUR/MWh#
  • Germany Base Power Week 3 up 1.9% at 124.95 EUR/MWh
  • France Base Power DEC 24 up 0.9% at 100.55 EUR/MWh
  • EUA DEC 24 up 2.9% at 70.33 EUR/MT
  • TTF Gas DEC 24 up 3.5% at 48.43 EUR/MWh
  • Rotterdam Coal DEC 24 up 1.6% at 125.7 USD/MT
  • TTF front-month prices have surged to their highest level since November 2023, as storage withdrawals remain elevated amid the current cold snap. The recent escalation in the Russia-Ukraine conflict has further bolstered the rally. The contract has passed its first resistance at €48.36/MWh, with the next hurdle at €50/MWh.
  • The EU ETS Dec24 contract has extended its gain from midday to track similar movement in TTF, with price increases in coal adding upward pressure. Forecasts of colder weather in Northwest Europe are also supporting.
  • The European Commission said this week it does not plan to adjust the REPowerEU volumes planned for the period until September 2025.
  • Planned maintenance at EnBW’s 778MW HKW Heilbronn Block 7 coal-fired plant has been extended by one day until 24 November 19:00CET.
  • The 723MW NorNed power interconnector between Norway (NO2) and the Netherlands will undergo planned maintenance from 1 April until 30 May
  • The 1.6GW OL3 nuclear reactor powered up to around 443MW of capacity, according to latest data from operator TVO.
  • EdF in the UK has extended planned maintenance at the 630MW Sizewell B 2 nuclear reactor until 4 December, from 28 November previously scheduled
  • Italy's high spot power prices, set to double those in France and Germany by year-end, are driven by limited cross-border transmission, low renewable generation, and high gas dependence.
  • Greece has partnered with the EC and the EIB to create a €5.6bn fund aimed at reducing fossil fuel dependence and energy costs on its tourism-dependent islands.
  • The EC has approved a €578mn Romanian aid scheme to reduce electricity levies for energy-intensive industries, with the support running until 31 December 2031.
  • Poland’s Dec power contract has rebounded to a new high amid sharp upward moves in coal and emissions from Wednesday. Average temperatures in Warsaw are set to flip below the seasonal average at the beginning of Dec – likely adding upward pressure.
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The German power outright calendar contract Cal 25 rose to its highest since 1 Dec 2023 before easing back slightly amid sharp gains further out on TTF, with upward price moves in emissions adding support. Additionally, the German front week has diverged from the second week ahead amid stronger wind forecasts expected early next week, with cooler weather in NW Europe in early Dec.

  • Germany Power Cal 2025 up 4.4% at 102.85 EUR/MWh
  • Germany Base Power Week 2 down 1% at 115.5 EUR/MWh#
  • Germany Base Power Week 3 up 1.9% at 124.95 EUR/MWh
  • France Base Power DEC 24 up 0.9% at 100.55 EUR/MWh
  • EUA DEC 24 up 2.9% at 70.33 EUR/MT
  • TTF Gas DEC 24 up 3.5% at 48.43 EUR/MWh
  • Rotterdam Coal DEC 24 up 1.6% at 125.7 USD/MT
  • TTF front-month prices have surged to their highest level since November 2023, as storage withdrawals remain elevated amid the current cold snap. The recent escalation in the Russia-Ukraine conflict has further bolstered the rally. The contract has passed its first resistance at €48.36/MWh, with the next hurdle at €50/MWh.
  • The EU ETS Dec24 contract has extended its gain from midday to track similar movement in TTF, with price increases in coal adding upward pressure. Forecasts of colder weather in Northwest Europe are also supporting.
  • The European Commission said this week it does not plan to adjust the REPowerEU volumes planned for the period until September 2025.
  • Planned maintenance at EnBW’s 778MW HKW Heilbronn Block 7 coal-fired plant has been extended by one day until 24 November 19:00CET.
  • The 723MW NorNed power interconnector between Norway (NO2) and the Netherlands will undergo planned maintenance from 1 April until 30 May
  • The 1.6GW OL3 nuclear reactor powered up to around 443MW of capacity, according to latest data from operator TVO.
  • EdF in the UK has extended planned maintenance at the 630MW Sizewell B 2 nuclear reactor until 4 December, from 28 November previously scheduled
  • Italy's high spot power prices, set to double those in France and Germany by year-end, are driven by limited cross-border transmission, low renewable generation, and high gas dependence.
  • Greece has partnered with the EC and the EIB to create a €5.6bn fund aimed at reducing fossil fuel dependence and energy costs on its tourism-dependent islands.
  • The EC has approved a €578mn Romanian aid scheme to reduce electricity levies for energy-intensive industries, with the support running until 31 December 2031.
  • Poland’s Dec power contract has rebounded to a new high amid sharp upward moves in coal and emissions from Wednesday. Average temperatures in Warsaw are set to flip below the seasonal average at the beginning of Dec – likely adding upward pressure.