POWER: End of Day Power Summary: German M1 Flips Green on Gas

The German September power contract has flipped into green territory from the midday to hold onto gains towards the end of sessions owing to an upward trend in TTF, while French and Nordic equivalents have given up most of their losses.

• France Base Power SEP 24 down 0.7% at 67.24 EUR/MWh
• Germany Base Power SEP 24 up 0.6% at 87.4 EUR/MWh
• EUA DEC 24 down 0.8% at 70.54 EUR/MT
• TTF Gas SEP 24 up 2.3% at 37.72 EUR/MWh
• Rotterdam Coal SEP 24 up 0.2% at 119 USD/MT
• TTF saw support during the European afternoon with rising outages in Norway and increased LNG cargoes to Asia. However, strong storage levels above 90% are capping the upside.
• EU ETS Dec24 ended lower on the day to resists price increases in gas as losses in coal added downward pressure, while the latest EU ETS CAP3 EU auction cleared lower at €69.28/t CO2e from €71.02/t CO2e – possibly adding additional weight.
• Aquila Clean Energy has started works on its 50MW battery storage power plant near Hamburg, Germany, with the firm set to install an additional 13 projects – totalling over 900MW in the country.
• Renewable and battery storage developers are putting their projects on hold in the UK as companies wait for the government to lay out their plans for an increase in capital gains ta
• Spain and Finland are primed to take PPA demand from Italy amid surging power demand from data centres and lower energy prices that will draw attention from costlier areas.
• Europe is set to install around 6GWh of small (up to 20kWh) battery storage systems (BESS) in 2H of this year, upping total additions to 11GWh by the end of this year.
• A dam in Kyiv, which is used to power the Kyiv hydropower plant, has been hit during a Russian attack on 26 August, with the power plant damaged.