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POWER: EU Mid-Day Power Summary: CWE December Falls on Weather

POWER
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CWE front-month power futures are pulling back today, as forecasts are suggesting milder weather, shrugging off small gains in EU gas prices.  Nordic December power is currently trading at the lowest since 6 November with downside from the German market and healthy forecasts for the region’s hydro balances. 

  • Nordic Base Power DEC 24 down 4.5% at 47 EUR/MWh
  • France Base Power DEC 24 down 1.7% at 97.5 EUR/MWh
  • Germany Base Power DEC 24 down 1.8% at 104.14 EUR/MWh
  • EUA DEC 24 down 1.4% at 68.86 EUR/MT
  • TTF Gas DEC 24 up 0.7% at 48.075 EUR/MWh
  • TTF front-month has reversed earlier losses to edge higher on the day with markets focusing on supply risks and LNG competition despite forecasts for slightly milder weather and near normal storage we withdrawals. 
  • EU ETS December 2024 is pulling back today with forecasts for milder weather, diverging from moves in natural gas markets.
  • The latest EU ETS CAP3 auction cleared slightly higher at €69.37/ton CO2e, compared with €69.32/ton CO2e in the previous auction, while settling at a premium to the futures contract.
  • Up to 9.6GW of CCS-enabled power plants could be installed globally by 2035, a sevenfold increase from current capacity, but with fewer than 10% of projects permitted, the pipeline faces significant hurdles according to BNEF.
  • French hydropower reserves last week decreased by 0.5 percentage points to 78.2% of capacity.
  • France’s government is planning to spend €800mn over eight years to purchase power from the 160MW biomass power plant in Gardanne, Provence-Alpes-Cote dAzur, Junior Energy Minister Olga Givernet said.
  • Germany’s economy minister Robert Habeck suggested on Tuesday to introduce subsidies to stabilise the country’s power network fees according to Reuters.
  • Spanish hydropower reserves last week - calendar week 47 – were stable at 51.1% of capacity according to data from Spain’s Environmental Ministry.
  • Fingrid will increase balance service fees from 1 Jan 2025, due to rising power system management costs, including the need for more reserve capacity, with the volume fee for production and consumption rising to €1.73/MWh. 
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CWE front-month power futures are pulling back today, as forecasts are suggesting milder weather, shrugging off small gains in EU gas prices.  Nordic December power is currently trading at the lowest since 6 November with downside from the German market and healthy forecasts for the region’s hydro balances. 

  • Nordic Base Power DEC 24 down 4.5% at 47 EUR/MWh
  • France Base Power DEC 24 down 1.7% at 97.5 EUR/MWh
  • Germany Base Power DEC 24 down 1.8% at 104.14 EUR/MWh
  • EUA DEC 24 down 1.4% at 68.86 EUR/MT
  • TTF Gas DEC 24 up 0.7% at 48.075 EUR/MWh
  • TTF front-month has reversed earlier losses to edge higher on the day with markets focusing on supply risks and LNG competition despite forecasts for slightly milder weather and near normal storage we withdrawals. 
  • EU ETS December 2024 is pulling back today with forecasts for milder weather, diverging from moves in natural gas markets.
  • The latest EU ETS CAP3 auction cleared slightly higher at €69.37/ton CO2e, compared with €69.32/ton CO2e in the previous auction, while settling at a premium to the futures contract.
  • Up to 9.6GW of CCS-enabled power plants could be installed globally by 2035, a sevenfold increase from current capacity, but with fewer than 10% of projects permitted, the pipeline faces significant hurdles according to BNEF.
  • French hydropower reserves last week decreased by 0.5 percentage points to 78.2% of capacity.
  • France’s government is planning to spend €800mn over eight years to purchase power from the 160MW biomass power plant in Gardanne, Provence-Alpes-Cote dAzur, Junior Energy Minister Olga Givernet said.
  • Germany’s economy minister Robert Habeck suggested on Tuesday to introduce subsidies to stabilise the country’s power network fees according to Reuters.
  • Spanish hydropower reserves last week - calendar week 47 – were stable at 51.1% of capacity according to data from Spain’s Environmental Ministry.
  • Fingrid will increase balance service fees from 1 Jan 2025, due to rising power system management costs, including the need for more reserve capacity, with the volume fee for production and consumption rising to €1.73/MWh.