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POWER: French August Net Power Exports to Belgium Fall MoM, Surge YoY

POWER
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French net power exports to Belgium so far this month stood at 1.44GW, down from 1.92GW for all of July but up from 14.7MW in the same period last year, Entso-E data showed. This is despite announced export cuts on France Eastern borders.

  • Belgium was only a net exporter to France on two days this month – on 10 and 22 August.
  • The increase in net exports from France is likely due to healthy nuclear availability in France with nuclear generation averaging 38.71GW so far this month, compared with the five-year average of 32.5GW.
  • French hydropower stock levels also remained healthy at 86.52% at the end of last week, at a 6.6 percentage point premium to 2023 levels and at an 11 points premium to the five-year average.
  • RTE announced in late July to curb power exports to its eastern neighbouring borders – Belgium, Germany, Switzerland and Italy - from 29 July until mid-October.
  • RTE expects cross-border limitations to increase between 29 July and 8 September when the value of the exports on its eastern border exceeds 8GW but may also lower flows with total exports below the 8GW threshold, with exports first to be curbed on the Italian and Swiss borders.
  • The French spot index so far this month averaged €48.77/MWh, holding a €13.56/MWh premium to the Belgian market.
  • Current forward prices also suggested Belgium will remain a net power importer in September with Belgian Sept power holding a €14.88/MWh premium to the French market as of Wednesday’s close.
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French net power exports to Belgium so far this month stood at 1.44GW, down from 1.92GW for all of July but up from 14.7MW in the same period last year, Entso-E data showed. This is despite announced export cuts on France Eastern borders.

  • Belgium was only a net exporter to France on two days this month – on 10 and 22 August.
  • The increase in net exports from France is likely due to healthy nuclear availability in France with nuclear generation averaging 38.71GW so far this month, compared with the five-year average of 32.5GW.
  • French hydropower stock levels also remained healthy at 86.52% at the end of last week, at a 6.6 percentage point premium to 2023 levels and at an 11 points premium to the five-year average.
  • RTE announced in late July to curb power exports to its eastern neighbouring borders – Belgium, Germany, Switzerland and Italy - from 29 July until mid-October.
  • RTE expects cross-border limitations to increase between 29 July and 8 September when the value of the exports on its eastern border exceeds 8GW but may also lower flows with total exports below the 8GW threshold, with exports first to be curbed on the Italian and Swiss borders.
  • The French spot index so far this month averaged €48.77/MWh, holding a €13.56/MWh premium to the Belgian market.
  • Current forward prices also suggested Belgium will remain a net power importer in September with Belgian Sept power holding a €14.88/MWh premium to the French market as of Wednesday’s close.