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POWER: EU Mid-Day Power Summary: CWE, Nordic Power Pulls Back

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CWE front-month futures are pulling back today with losses in the wider energy complex. Lower German power and EU gas prices have also weighed on Nordics front-month futures, shrugging off a slightly downward revision in the region’s hydrobalances. 

  • Nordic Base Power DEC 24 down 1.4% at 45.5 EUR/MWh
  • France Base Power DEC 24 down 2.2% at 81.69 EUR/MWh
  • Germany Base Power DEC 24 down 2.3% at 86.32 EUR/MWh
  • EUA DEC 24 down 2.4% at 62.74 EUR/MT
  • TTF Gas DEC 24 down 3% at 39.26 EUR/MWh
  • Front-month TTF has extended losses throughout the morning with Russia’s Novak again stressing Russia’s readiness to continue gas transit via Ukraine to Europe beyond 2024.
  • EU ETS Dec24 is pulling back today with lower EU gas prices despite more bullish funds positioning for the second consecutive week, with net short positions decreasing to the lowest since late August.
  • The latest bi-weekly Polish Primary Market Auction (Phase 4 - CAP3) cleared lower at €62.94/ton CO2e, down from €63.75/ton CO2e in the previous auction.
  • Investment Funds net long positioning in ICE German power futures ended their three-week rising trend last week and sharply dropped to end at its lowest net long position since flipping from a net short position in the week of 2 August, according to the latest COT data as of 1 Nov.
  • Planned maintenance RWE’s 668MW Weisweiler H lignite-fired plant has been extended until 7 November 09:15 CET.
  • Fingrid has finalised the main route for a major new transmission line designed to boost transmission reliability, support Finland’s climate goals, and meet rising power demand in southern regions.
  • Poland’s PSE triggered the emergency reserve on the power capacity market for Wednesday 16:00-19:00 CET amid tightness.
  • Poland's Ministry of Climate and Environment may amend the country’s offshore wind auction regulation by setting different maximum prices, instead of one, depending on the location of project.
  • The Japanese and Polish governments are planning to sign a MoU as early as Thursday for the construction of a nuclear power plant in Poland.
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CWE front-month futures are pulling back today with losses in the wider energy complex. Lower German power and EU gas prices have also weighed on Nordics front-month futures, shrugging off a slightly downward revision in the region’s hydrobalances. 

  • Nordic Base Power DEC 24 down 1.4% at 45.5 EUR/MWh
  • France Base Power DEC 24 down 2.2% at 81.69 EUR/MWh
  • Germany Base Power DEC 24 down 2.3% at 86.32 EUR/MWh
  • EUA DEC 24 down 2.4% at 62.74 EUR/MT
  • TTF Gas DEC 24 down 3% at 39.26 EUR/MWh
  • Front-month TTF has extended losses throughout the morning with Russia’s Novak again stressing Russia’s readiness to continue gas transit via Ukraine to Europe beyond 2024.
  • EU ETS Dec24 is pulling back today with lower EU gas prices despite more bullish funds positioning for the second consecutive week, with net short positions decreasing to the lowest since late August.
  • The latest bi-weekly Polish Primary Market Auction (Phase 4 - CAP3) cleared lower at €62.94/ton CO2e, down from €63.75/ton CO2e in the previous auction.
  • Investment Funds net long positioning in ICE German power futures ended their three-week rising trend last week and sharply dropped to end at its lowest net long position since flipping from a net short position in the week of 2 August, according to the latest COT data as of 1 Nov.
  • Planned maintenance RWE’s 668MW Weisweiler H lignite-fired plant has been extended until 7 November 09:15 CET.
  • Fingrid has finalised the main route for a major new transmission line designed to boost transmission reliability, support Finland’s climate goals, and meet rising power demand in southern regions.
  • Poland’s PSE triggered the emergency reserve on the power capacity market for Wednesday 16:00-19:00 CET amid tightness.
  • Poland's Ministry of Climate and Environment may amend the country’s offshore wind auction regulation by setting different maximum prices, instead of one, depending on the location of project.
  • The Japanese and Polish governments are planning to sign a MoU as early as Thursday for the construction of a nuclear power plant in Poland.