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POWER: EU Mid-Day Power Summary: German-French Nov Spread Narrows

POWER
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The German-French November power base-load spread is narrowing to the lowest since 30 September, with the German market tracking sharp losses in the energy complex. German spot power fell sharply for Wednesday’s delivery with forecasts for strong wind and mild weather. 

  • Nordic Base Power NOV 24 down 1.3% at 43.93 EUR/MWh
  • France Base Power NOV 24 down 1.2% at 78.4 EUR/MWh
  • Germany Base Power NOV 24 down 2.3% at 88.78 EUR/MWh
  • EUA DEC 24 down 2.1% at 64.59 EUR/MT
  • TTF Gas NOV 24 down 3.1% at 39.315 EUR/MWh
  • TTF front month has lost ground today with a reduced risk premium on news that Israel told the US that it would not target Iran’s oil and nuclear infrastructure.
  • EU ETS Dec24 allowances have been holding onto losses in Tuesday’s session with declines in EU gas prices and forecasts for mild weather, supressing fossil-fuel power demand for heating.
  • The latest EU ETS CAP3 auction cleared lower at €64.08/ton CO2e, down from €65/ton CO2e in the previous auction.
  • BNEF is forecasting European carbon prices to rise to €145/ton CO2e by 2030, with prices potentially hitting €175/ton CO2e in 2035.
  • The EU environment ministers have agreed on the bloc’s negotiating stance ahead of the COP29 summit in November.
  • French hydropower reserves last week increased by 2.06 percentage points to 87.4% of capacity, the highest level so far this year.
  • The UK is eyeing to lower the threshold for investments required by gas-fired power plants to be updated to participate in the UK’s capacity market in order to secure security of power supply.
  • Swiss hydropower reserves last week increased by 3.1 percentage points to 85.7% of capacity, the highest level so far this year, while switching back to a surplus to the long-term average.
  • Spanish hydropower reserves last week saw the first weekly increase since end of May to rise to 48.5% of capacity, up from 47.5% of capacity the week before.
  • Ignitis Group announced its participation in Lithuania’s second offshore wind tender for the potential development of around 700MW of offshore wind capacity in the Baltic Sea.
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The German-French November power base-load spread is narrowing to the lowest since 30 September, with the German market tracking sharp losses in the energy complex. German spot power fell sharply for Wednesday’s delivery with forecasts for strong wind and mild weather. 

  • Nordic Base Power NOV 24 down 1.3% at 43.93 EUR/MWh
  • France Base Power NOV 24 down 1.2% at 78.4 EUR/MWh
  • Germany Base Power NOV 24 down 2.3% at 88.78 EUR/MWh
  • EUA DEC 24 down 2.1% at 64.59 EUR/MT
  • TTF Gas NOV 24 down 3.1% at 39.315 EUR/MWh
  • TTF front month has lost ground today with a reduced risk premium on news that Israel told the US that it would not target Iran’s oil and nuclear infrastructure.
  • EU ETS Dec24 allowances have been holding onto losses in Tuesday’s session with declines in EU gas prices and forecasts for mild weather, supressing fossil-fuel power demand for heating.
  • The latest EU ETS CAP3 auction cleared lower at €64.08/ton CO2e, down from €65/ton CO2e in the previous auction.
  • BNEF is forecasting European carbon prices to rise to €145/ton CO2e by 2030, with prices potentially hitting €175/ton CO2e in 2035.
  • The EU environment ministers have agreed on the bloc’s negotiating stance ahead of the COP29 summit in November.
  • French hydropower reserves last week increased by 2.06 percentage points to 87.4% of capacity, the highest level so far this year.
  • The UK is eyeing to lower the threshold for investments required by gas-fired power plants to be updated to participate in the UK’s capacity market in order to secure security of power supply.
  • Swiss hydropower reserves last week increased by 3.1 percentage points to 85.7% of capacity, the highest level so far this year, while switching back to a surplus to the long-term average.
  • Spanish hydropower reserves last week saw the first weekly increase since end of May to rise to 48.5% of capacity, up from 47.5% of capacity the week before.
  • Ignitis Group announced its participation in Lithuania’s second offshore wind tender for the potential development of around 700MW of offshore wind capacity in the Baltic Sea.