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POWER: EU Power Summary at European Close: CWE Front Month Flips Green

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The CWE month-ahead power contracts have flipped into positive territory, after having been in red for most of Thursday’s trading session, to track similar price movements in TTF amid reports that Israel strikes on Iranian oil facilities are being discussed. The move also supported a flip in emissions- adding further support to the power market. 

  • France Base Power NOV 24 up 1.7% at 75.21 EUR/MWh
  • Germany Base Power NOV 24 up 1.2% at 86.7 EUR/MWh
  • EUA DEC 24 down 0.8% at 62.09 EUR/MT
  • TTF Gas NOV 24 up 2.8% at 39.705 EUR/MWh
  • Front-month TTF reversed earlier losses, as potential Israeli attacks on Iranian oil sites are adding further risks, also to global LNG/gas supplies. The contract is nearing its first resistance level at €40.55/MWh (2 Oct high), with €40.79/MWh as the next hurdle.
  • EU ETS Dec 24 has remained red towards the end of the session to resist movements in TTF as wind output is expected to be strong next week, while the latest EU ETS CAP3 auction cleared lower at €62.02/t CO2e from €63.19/t CO2e – possibly adding some weight.
  • The UK government will support two carbon capture and storage projects, as part of a £22bn investment plan for the sector over the next 25 years.
  • Ford is urging the UK government to pause its EV sales targets and reconsider penalties for manufacturers who fail to meet them.
  • The unplanned outage at the IFA2 interconnector between France and the UK has been extended until 19 October, from 4 October previously scheduled.
  • The 1GW ElecLink between France and England is going to be offline from 5-11 October in an unplanned outage.
  • European power demand between October 2024 and March 2025 is forecast to rise by 36TWh, or 2.2%, year on year, with new solar PV capacity expected to cover 20TWh of the increase this winter.
  • The European Commission has approved €1.2bn in support for Poland’s investments in electricity storage facilities.

  • Over Jan-Sept, Italy's regional governments approved 5.1GW of solar capacity, with Sicily contributing roughly one-third of the total.

     

 

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The CWE month-ahead power contracts have flipped into positive territory, after having been in red for most of Thursday’s trading session, to track similar price movements in TTF amid reports that Israel strikes on Iranian oil facilities are being discussed. The move also supported a flip in emissions- adding further support to the power market. 

  • France Base Power NOV 24 up 1.7% at 75.21 EUR/MWh
  • Germany Base Power NOV 24 up 1.2% at 86.7 EUR/MWh
  • EUA DEC 24 down 0.8% at 62.09 EUR/MT
  • TTF Gas NOV 24 up 2.8% at 39.705 EUR/MWh
  • Front-month TTF reversed earlier losses, as potential Israeli attacks on Iranian oil sites are adding further risks, also to global LNG/gas supplies. The contract is nearing its first resistance level at €40.55/MWh (2 Oct high), with €40.79/MWh as the next hurdle.
  • EU ETS Dec 24 has remained red towards the end of the session to resist movements in TTF as wind output is expected to be strong next week, while the latest EU ETS CAP3 auction cleared lower at €62.02/t CO2e from €63.19/t CO2e – possibly adding some weight.
  • The UK government will support two carbon capture and storage projects, as part of a £22bn investment plan for the sector over the next 25 years.
  • Ford is urging the UK government to pause its EV sales targets and reconsider penalties for manufacturers who fail to meet them.
  • The unplanned outage at the IFA2 interconnector between France and the UK has been extended until 19 October, from 4 October previously scheduled.
  • The 1GW ElecLink between France and England is going to be offline from 5-11 October in an unplanned outage.
  • European power demand between October 2024 and March 2025 is forecast to rise by 36TWh, or 2.2%, year on year, with new solar PV capacity expected to cover 20TWh of the increase this winter.
  • The European Commission has approved €1.2bn in support for Poland’s investments in electricity storage facilities.

  • Over Jan-Sept, Italy's regional governments approved 5.1GW of solar capacity, with Sicily contributing roughly one-third of the total.