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POWER: German Nov Power Shrugs Off Energy Complex Losses

POWER
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German front-month power is edging higher despite a pullback in EU gas prices and carbon allowances and forecasts for milder weather. The remainder of the curve is tracking losses in the energy complex. 

  • Germany Base Power NOV 24 up 0.8% at 89.5 EUR/MWh
  • EUA DEC 24 down 0.1% at 64.55 EUR/MT
  • TTF Gas NOV 24 down 0.7% at 39.6 EUR/MWh
  • TTF front month is trading down from a high of €40.625/MWh on Friday with warm weather limiting demand while supply remains fairly stable. The situation in the Middle East isn’t deteriorating further while focus also remains on the future of Ukraine transit gas.
  • EU ETS Dec24 is also edging lower with declines in natural gas and forecasts for milder weather in NW Europe, suppressing demand for fossil-fuel output.
  • The next EU EUA CAP3 auction will clear today 11:00 CET.
  • German wind output is forecast to edge up on the day to rise to 7.6GW during base load on Tuesday. Solar PV output is forecast to rise to 12.12GW during peak load on Tuesday, up from 9.33GW forecasted for Monday according to SpotRenewables.
  • Power demand in Germany is forecast to peak at 64.41GW on Monday and at 64.54GW on Tuesday, Entso-E data showed.
  • Residual load in Germany is forecast to rise by 2.9 GWh/h on the day to average 42.3GWh/h on Tuesday according to Reuters.
  • The latest 6-10 day ECMWF weather forecast suggested mean temperatures in NW Europe are expected to rise above normal from Tuesday until the end of the forecast period. 
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German front-month power is edging higher despite a pullback in EU gas prices and carbon allowances and forecasts for milder weather. The remainder of the curve is tracking losses in the energy complex. 

  • Germany Base Power NOV 24 up 0.8% at 89.5 EUR/MWh
  • EUA DEC 24 down 0.1% at 64.55 EUR/MT
  • TTF Gas NOV 24 down 0.7% at 39.6 EUR/MWh
  • TTF front month is trading down from a high of €40.625/MWh on Friday with warm weather limiting demand while supply remains fairly stable. The situation in the Middle East isn’t deteriorating further while focus also remains on the future of Ukraine transit gas.
  • EU ETS Dec24 is also edging lower with declines in natural gas and forecasts for milder weather in NW Europe, suppressing demand for fossil-fuel output.
  • The next EU EUA CAP3 auction will clear today 11:00 CET.
  • German wind output is forecast to edge up on the day to rise to 7.6GW during base load on Tuesday. Solar PV output is forecast to rise to 12.12GW during peak load on Tuesday, up from 9.33GW forecasted for Monday according to SpotRenewables.
  • Power demand in Germany is forecast to peak at 64.41GW on Monday and at 64.54GW on Tuesday, Entso-E data showed.
  • Residual load in Germany is forecast to rise by 2.9 GWh/h on the day to average 42.3GWh/h on Tuesday according to Reuters.
  • The latest 6-10 day ECMWF weather forecast suggested mean temperatures in NW Europe are expected to rise above normal from Tuesday until the end of the forecast period.