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POWER: EU Mid-Day Power Summary: CWE Pulls Back on Sustained Mild Weather

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CWE front-month power futures have pulled back today amid continued forecasts for milder in NW Europe, with gains in TTF and emissions limit losses. Nordic front-month power is also in red territory amid stronger forecasts of Sweden’s and Norway hydro balances.

  • Nordic Base Power DEC 24 down 4.5% at 45.55 EUR/MWh
  • France Base Power DEC 24 down 2.8% at 93 EUR/MWh
  • Germany Base Power DEC 24 down 1.9% at 98.75 EUR/MWh
  • EUA DEC 24 up 0.6% at 68.06 EUR/MT
  • TTF Gas JAN 25 up 0.6% at 46.97 EUR/MWh
  • Rotterdam Coal DEC 24 down 1.3% at 118 USD/MT
  • TTF prices are slightly edging up but are on track for a net weekly decline, with forecasts for sustained milder temperatures in NW Europe, while focusing on supply risks from Russian gas transit via Ukraine, and rising competition for LNG from Asia.
  • EU ETS December 2024 is rangebound amid forecasts for milder weather, while small gains in TTF are supporting. The latest weekly German EUA CAP3 auction cleared lower at €67.30/ton CO2e, compared with the previous auction at €69.71/ton CO2e on 22 Nov.
  • The UK is revising its carbon emissions trading rules, requiring companies that permanently cease operations to return unused free permits, while also introducing new reporting requirements and expanding the carbon market to the maritime sector by 2026.
  • Poland is pushing for a three-year delay in the implementation of the EU's ETS2 system, with discussions underway on how to mitigate its impact through national tax policies.
  • Poland's Enea plans to invest $26bn (€24.6bn) over the next decade, allocating $8.9bn to expand renewable energy projects as part of a strategy to generate 40% of its energy from renewables by 2035.
  • EdF workers are set to strike for 24 hours starting 4 Dec at 9 p.m. CET, following a call from the CGT union for energy sector action over wage demands.
  • Eiffel Investment Group has provided €65mn in bond financing to French developer TSE, supporting the construction of PV projects with a target capacity of 800MW.
  • The EIB and Naturgy have signed the first €400mn tranche of a €1bn loan to boost Spain’s renewable energy capacity, with the funding projected to add 2.3GW.
  • Maintenance is planned for the 600MW SwePol power link between Poland-Sweden over 22 September 2025-1 October 2025, with capacity in both directions at 0MW over the period.
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CWE front-month power futures have pulled back today amid continued forecasts for milder in NW Europe, with gains in TTF and emissions limit losses. Nordic front-month power is also in red territory amid stronger forecasts of Sweden’s and Norway hydro balances.

  • Nordic Base Power DEC 24 down 4.5% at 45.55 EUR/MWh
  • France Base Power DEC 24 down 2.8% at 93 EUR/MWh
  • Germany Base Power DEC 24 down 1.9% at 98.75 EUR/MWh
  • EUA DEC 24 up 0.6% at 68.06 EUR/MT
  • TTF Gas JAN 25 up 0.6% at 46.97 EUR/MWh
  • Rotterdam Coal DEC 24 down 1.3% at 118 USD/MT
  • TTF prices are slightly edging up but are on track for a net weekly decline, with forecasts for sustained milder temperatures in NW Europe, while focusing on supply risks from Russian gas transit via Ukraine, and rising competition for LNG from Asia.
  • EU ETS December 2024 is rangebound amid forecasts for milder weather, while small gains in TTF are supporting. The latest weekly German EUA CAP3 auction cleared lower at €67.30/ton CO2e, compared with the previous auction at €69.71/ton CO2e on 22 Nov.
  • The UK is revising its carbon emissions trading rules, requiring companies that permanently cease operations to return unused free permits, while also introducing new reporting requirements and expanding the carbon market to the maritime sector by 2026.
  • Poland is pushing for a three-year delay in the implementation of the EU's ETS2 system, with discussions underway on how to mitigate its impact through national tax policies.
  • Poland's Enea plans to invest $26bn (€24.6bn) over the next decade, allocating $8.9bn to expand renewable energy projects as part of a strategy to generate 40% of its energy from renewables by 2035.
  • EdF workers are set to strike for 24 hours starting 4 Dec at 9 p.m. CET, following a call from the CGT union for energy sector action over wage demands.
  • Eiffel Investment Group has provided €65mn in bond financing to French developer TSE, supporting the construction of PV projects with a target capacity of 800MW.
  • The EIB and Naturgy have signed the first €400mn tranche of a €1bn loan to boost Spain’s renewable energy capacity, with the funding projected to add 2.3GW.
  • Maintenance is planned for the 600MW SwePol power link between Poland-Sweden over 22 September 2025-1 October 2025, with capacity in both directions at 0MW over the period.