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POWER: EU Mid-Day Power Summary: France Leads Gains

POWER
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The French November power base-load contract is rising sharply today, leading gains and narrowing the discount to the German the German market to the lowest since 3 October, with declines in EU gas prices limiting gains in the German market. 

  • Nordic Base Power NOV 24 up 1.1% at 44.75 EUR/MWh (11:01 BST)
  • France Base Power NOV 24 up 4.8% at 74.5 EUR/MWh
  • Germany Base Power NOV 24 up 1.7% at 86.14 EUR/MWh
  • EUA DEC 24 up 2.7% at 61.91 EUR/MT
  • TTF Gas NOV 24 down 0.6% at 38.675 EUR/MWh
  • Front month TTF is pulling lower today with stable fundamentals, while markets await new developments in the Middle Eastern conflict.
  • EU ETS Dec24 are holding onto gains today with cooler weather and a slight recovery in EU equities from Tuesday’s low, despite funds positioning in EU ETS futures turning more bearish with net short positionings at the highest since mid-March.
  • The latest bi-weekly Polish Primary Market Auction (Phase 4 - CAP3) cleared lower at €61.18/ton CO2e, down from €63.55/ton CO2e in the previous auction and the lowest level since 27 March.
  • Denmark has launched a DKK 28.7bn tender for CCS to ensure carbon capture from 2029 and aid in climate neutrality.
  • Investment funds positioning in ICE German power futures decreased their net long position for the fourth consecutive week to more than half from its net long high on 16 August.
  • Renewable net capacity additions in Europe are forecast to decline by 7% in 2024, compared with the rate in 2023, an IEA report showed.
  • The planned maintenance at the 905MW Chinon 2 nuclear reactor in France has been extended by three days until 20 October due to stress corrosion.
  • The Piossasco-Grance-Ile 2 interconnector has been scheduled to return on Wednesday morning from an unplanned outage.
  • The Albertville-Rondissone 1 interconnector has also been scheduled to return this morning from planned works.
  • Swiss hydropower reserves last week decreased by 0.4 percentage points to 82.6% of capacity as of 7 October.
  • TVO has reduced output at the 1.6GW OL3 reactor on Wednesday due to a technical problem. 
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The French November power base-load contract is rising sharply today, leading gains and narrowing the discount to the German the German market to the lowest since 3 October, with declines in EU gas prices limiting gains in the German market. 

  • Nordic Base Power NOV 24 up 1.1% at 44.75 EUR/MWh (11:01 BST)
  • France Base Power NOV 24 up 4.8% at 74.5 EUR/MWh
  • Germany Base Power NOV 24 up 1.7% at 86.14 EUR/MWh
  • EUA DEC 24 up 2.7% at 61.91 EUR/MT
  • TTF Gas NOV 24 down 0.6% at 38.675 EUR/MWh
  • Front month TTF is pulling lower today with stable fundamentals, while markets await new developments in the Middle Eastern conflict.
  • EU ETS Dec24 are holding onto gains today with cooler weather and a slight recovery in EU equities from Tuesday’s low, despite funds positioning in EU ETS futures turning more bearish with net short positionings at the highest since mid-March.
  • The latest bi-weekly Polish Primary Market Auction (Phase 4 - CAP3) cleared lower at €61.18/ton CO2e, down from €63.55/ton CO2e in the previous auction and the lowest level since 27 March.
  • Denmark has launched a DKK 28.7bn tender for CCS to ensure carbon capture from 2029 and aid in climate neutrality.
  • Investment funds positioning in ICE German power futures decreased their net long position for the fourth consecutive week to more than half from its net long high on 16 August.
  • Renewable net capacity additions in Europe are forecast to decline by 7% in 2024, compared with the rate in 2023, an IEA report showed.
  • The planned maintenance at the 905MW Chinon 2 nuclear reactor in France has been extended by three days until 20 October due to stress corrosion.
  • The Piossasco-Grance-Ile 2 interconnector has been scheduled to return on Wednesday morning from an unplanned outage.
  • The Albertville-Rondissone 1 interconnector has also been scheduled to return this morning from planned works.
  • Swiss hydropower reserves last week decreased by 0.4 percentage points to 82.6% of capacity as of 7 October.
  • TVO has reduced output at the 1.6GW OL3 reactor on Wednesday due to a technical problem.