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POWER: EU Mid-Day Power Summary: CWE December Holds Onto Gains

POWER
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CWE front-month power futures are trading higher, with France leading gains, amid forecasts for colder weather and gains in the energy complex. The German-French front-month power spread is narrowing today but remains within the range seen in the second half of November. 

  • Nordic Base Power DEC 24 down 4.9% at 50.2 EUR/MWh
  • France Base Power DEC 24 up 4.2% at 100.4 EUR/MWh
  • Germany Base Power DEC 24 up 2.6% at 106.6 EUR/MWh
  • EUA DEC 24 up 1.7% at 70.45 EUR/MT
  • TTF Gas DEC 24 up 2.2% at 48.05 EUR/MWh
  • TTF front month is trading higher today high gas storage withdrawals, colder weather and geopolitical risks. An unplanned outage at Australia’s Pluto LNG facility may add additional support.
  • EU ETS Dec24 allowances are trading higher today with support from colder weather and gains in EU gas prices.
  • The latest EU ETS CAP3 auction cleared higher at €69.32/ton CO2e, compared with €68.79/ton CO2e in the previous auction, while widening the discount to the futures contract.
  • Climate negotiators reached a deal on the NCQG on Climate Finance to triple climate finance to developing countries to $300bn/yr by 2035, compared with the previous goal of $100bn/yr.
  • Companies are requesting the European Commission a shorter approval period to import goods under the CBAM.
  • Germany’s economy minister Robert Habeck has passed on a legislation to provide €17bn of financing to build gas power plants for parliamentary consultation on Friday, government sources told Reuters.
  • Electrabel has extended the planned works at the 1.03GW Doel 4 nuclear reactor in Belgium by six days until 6 December.
  • Spain is ramping up its energy storage capacity with over 1.1GW in projects currently under environmental assessment by Spain’s Miteco.
  • The 1.4GW Northsea Link between the UK and Norway (NO2) has had an unplanned 700MW curtailment on 25 Nov 00:00 CET, with the link running at this capacity until 26 Nov 23:59 CET.
  • Nordic TSOs Energinet and Svenska kraftnat will introduce counter trading in the intraday market in March 2025 to protect the ageing Konti-Skan interconnector between Jutland and Sweden.
  • Danske Commodities has signed balancing agreements for the two Polish offshore wind projects Bałtyk 2 and Bałtyk 3 for a combined capacity of 1.4GW.
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CWE front-month power futures are trading higher, with France leading gains, amid forecasts for colder weather and gains in the energy complex. The German-French front-month power spread is narrowing today but remains within the range seen in the second half of November. 

  • Nordic Base Power DEC 24 down 4.9% at 50.2 EUR/MWh
  • France Base Power DEC 24 up 4.2% at 100.4 EUR/MWh
  • Germany Base Power DEC 24 up 2.6% at 106.6 EUR/MWh
  • EUA DEC 24 up 1.7% at 70.45 EUR/MT
  • TTF Gas DEC 24 up 2.2% at 48.05 EUR/MWh
  • TTF front month is trading higher today high gas storage withdrawals, colder weather and geopolitical risks. An unplanned outage at Australia’s Pluto LNG facility may add additional support.
  • EU ETS Dec24 allowances are trading higher today with support from colder weather and gains in EU gas prices.
  • The latest EU ETS CAP3 auction cleared higher at €69.32/ton CO2e, compared with €68.79/ton CO2e in the previous auction, while widening the discount to the futures contract.
  • Climate negotiators reached a deal on the NCQG on Climate Finance to triple climate finance to developing countries to $300bn/yr by 2035, compared with the previous goal of $100bn/yr.
  • Companies are requesting the European Commission a shorter approval period to import goods under the CBAM.
  • Germany’s economy minister Robert Habeck has passed on a legislation to provide €17bn of financing to build gas power plants for parliamentary consultation on Friday, government sources told Reuters.
  • Electrabel has extended the planned works at the 1.03GW Doel 4 nuclear reactor in Belgium by six days until 6 December.
  • Spain is ramping up its energy storage capacity with over 1.1GW in projects currently under environmental assessment by Spain’s Miteco.
  • The 1.4GW Northsea Link between the UK and Norway (NO2) has had an unplanned 700MW curtailment on 25 Nov 00:00 CET, with the link running at this capacity until 26 Nov 23:59 CET.
  • Nordic TSOs Energinet and Svenska kraftnat will introduce counter trading in the intraday market in March 2025 to protect the ageing Konti-Skan interconnector between Jutland and Sweden.
  • Danske Commodities has signed balancing agreements for the two Polish offshore wind projects Bałtyk 2 and Bałtyk 3 for a combined capacity of 1.4GW.