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POWER: EU Mid-Day Power Summary: CWE Power Shrugs Off Gas Losses

POWER
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Front-month power futures in CWE are holding onto gains today, shrugging off small losses in EU gas prices. Nordic December power is trading rangebound today with an upward revision in the region’s hydrobalances and lower EU gas, weighed against gains in the German power market and an unplanned outage at the OL3 nuclear plant. 

  • Nordic Base Power DEC 24 up 0.1% at 56.05 EUR/MWh
  • France Base Power DEC 24 up 1.9% at 100.75 EUR/MWh
  • Germany Base Power DEC 24 up 2.8% at 107.72 EUR/MWh
  • EUA DEC 24 up 1.5% at 69 EUR/MT
  • TTF Gas DEC 24 down 1.2% at 46.015 EUR/MWh
  • TTF front month has been holding onto small losses today as Russian pipeline gas supplies to Europe continue at normal levels despite a cut in supplies to Austria’s OMV on Nov. 16.  Colder weather this week and strong storage withdrawals remain supportive.
  • EU ETS Dec24 has reversed earlier losses to surge to the highest since 3 September, despite no clear driver and losses in EU gas prices and EU equities. 
  • The latest EU ETS CAP3 auction cleared higher today at €67.70/ton CO2e, up from €67.15/ton CO2e in the previous auction.
  • The UN Climate Chief Simon Stiell has called on leaders of the biggest economies to support global climate finance efforts, ahead of the G20 meeting in Rio this week, as negotiators struggle to reach an agreement on the climate finance target.
  • Germany added 1.366GW of new solar PV capacity in October, up from 1.173GW in September.
  • France has selected 12 candidates for its planned offshore wind tender (A09), which includes four projects.
  • The UK’s targets to decarbonise the energy grid by 2030 is unrealistic, RWE senior executive Adam Ezzamel said.
  • Energy prices in Italy are unlikely to decrease soon as the country is not increasing its generation capacity, while consumption is rising, Enel CEO Flavio Cattaneo said.
  • Finland’s 1.6GW OL3 Nuclear power plant had an unplanned outage on 17 Nov, with the unit fully disconnected until 20 Nov 00:00CET.
  • Lithuania is set to re-launch its 700MW offshore wind park in the Baltic Sea.
  • Ukraine has introduced further power cuts following a Russian missile strike over the weekend – severely damaging Ukraine’s infrastructure.
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Front-month power futures in CWE are holding onto gains today, shrugging off small losses in EU gas prices. Nordic December power is trading rangebound today with an upward revision in the region’s hydrobalances and lower EU gas, weighed against gains in the German power market and an unplanned outage at the OL3 nuclear plant. 

  • Nordic Base Power DEC 24 up 0.1% at 56.05 EUR/MWh
  • France Base Power DEC 24 up 1.9% at 100.75 EUR/MWh
  • Germany Base Power DEC 24 up 2.8% at 107.72 EUR/MWh
  • EUA DEC 24 up 1.5% at 69 EUR/MT
  • TTF Gas DEC 24 down 1.2% at 46.015 EUR/MWh
  • TTF front month has been holding onto small losses today as Russian pipeline gas supplies to Europe continue at normal levels despite a cut in supplies to Austria’s OMV on Nov. 16.  Colder weather this week and strong storage withdrawals remain supportive.
  • EU ETS Dec24 has reversed earlier losses to surge to the highest since 3 September, despite no clear driver and losses in EU gas prices and EU equities. 
  • The latest EU ETS CAP3 auction cleared higher today at €67.70/ton CO2e, up from €67.15/ton CO2e in the previous auction.
  • The UN Climate Chief Simon Stiell has called on leaders of the biggest economies to support global climate finance efforts, ahead of the G20 meeting in Rio this week, as negotiators struggle to reach an agreement on the climate finance target.
  • Germany added 1.366GW of new solar PV capacity in October, up from 1.173GW in September.
  • France has selected 12 candidates for its planned offshore wind tender (A09), which includes four projects.
  • The UK’s targets to decarbonise the energy grid by 2030 is unrealistic, RWE senior executive Adam Ezzamel said.
  • Energy prices in Italy are unlikely to decrease soon as the country is not increasing its generation capacity, while consumption is rising, Enel CEO Flavio Cattaneo said.
  • Finland’s 1.6GW OL3 Nuclear power plant had an unplanned outage on 17 Nov, with the unit fully disconnected until 20 Nov 00:00CET.
  • Lithuania is set to re-launch its 700MW offshore wind park in the Baltic Sea.
  • Ukraine has introduced further power cuts following a Russian missile strike over the weekend – severely damaging Ukraine’s infrastructure.