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POWER: EU Mid-Day Power Summary: CWE Tracks Weekly Loss

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CWE front-month futures continue to be on track for a weekly net decline, with bearish fundamentals and losses in EU carbon allowances, shrugging off gains in EU gas prices. The Nordic forward curve rebounded to trade higher on the day as an updated forecasts of Norway’s hydro balance have indicated a drier outlook, with cooler temperatures expected. 

  • Nordic Base Power NOV 24 up 2.9% at 46 EUR/MWh
  • France Base Power NOV 24 down 3.6% at 73 EUR/MWh
  • Germany Base Power NOV 24 down 0.7% at 86.28 EUR/MWh
  • EUA DEC 24 down 1.3% at 61.95 EUR/MT
  • TTF Gas NOV 24 up 0.5% at 40.115 EUR/MWh
  • The Dec24 EU ETS and TTF front month power contracts have diverged in recent days with carbon allowances on track for a sharp weekly decline, while TTF gas is on track to rise on the week. Rising tensions in the Middle East have supported natural gas prices, while emissions have shrugged off gas gains to be weighed down by bearish fundamentals with higher renewables, weak economic sentiment and lower German gas-fired output.
  • The latest weekly German EUA CAP3 auction cleared at the lowest since 5 April at €61.03/ton CO2e, down from the previous auction at €65.45/ton CO2e.
  • Eni has secured the UK government’s commitment and funding the for a license for the Liverpool Bay Co2 transport and storage project, a further step for the HyNet CO2 cluster.
  • The EPEX SPOT Exchange Council has evaluated proposals to improve the fallback process in periods of partial and full decoupling of the SDAC.
  • The oversupply of solar PV plants in Spain has pushed down prices, which in turn may hinder investments in new projects, a study by Aurora Energy Research showed.
  • Poland’s Orlen has inched closer to the commissioning of its 1.2GW Baltic Offshore wind farm for 2026 in Poland, with the firm completing its first of four onshore connections. 
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CWE front-month futures continue to be on track for a weekly net decline, with bearish fundamentals and losses in EU carbon allowances, shrugging off gains in EU gas prices. The Nordic forward curve rebounded to trade higher on the day as an updated forecasts of Norway’s hydro balance have indicated a drier outlook, with cooler temperatures expected. 

  • Nordic Base Power NOV 24 up 2.9% at 46 EUR/MWh
  • France Base Power NOV 24 down 3.6% at 73 EUR/MWh
  • Germany Base Power NOV 24 down 0.7% at 86.28 EUR/MWh
  • EUA DEC 24 down 1.3% at 61.95 EUR/MT
  • TTF Gas NOV 24 up 0.5% at 40.115 EUR/MWh
  • The Dec24 EU ETS and TTF front month power contracts have diverged in recent days with carbon allowances on track for a sharp weekly decline, while TTF gas is on track to rise on the week. Rising tensions in the Middle East have supported natural gas prices, while emissions have shrugged off gas gains to be weighed down by bearish fundamentals with higher renewables, weak economic sentiment and lower German gas-fired output.
  • The latest weekly German EUA CAP3 auction cleared at the lowest since 5 April at €61.03/ton CO2e, down from the previous auction at €65.45/ton CO2e.
  • Eni has secured the UK government’s commitment and funding the for a license for the Liverpool Bay Co2 transport and storage project, a further step for the HyNet CO2 cluster.
  • The EPEX SPOT Exchange Council has evaluated proposals to improve the fallback process in periods of partial and full decoupling of the SDAC.
  • The oversupply of solar PV plants in Spain has pushed down prices, which in turn may hinder investments in new projects, a study by Aurora Energy Research showed.
  • Poland’s Orlen has inched closer to the commissioning of its 1.2GW Baltic Offshore wind farm for 2026 in Poland, with the firm completing its first of four onshore connections.