October 18, 2024 07:09 GMT
POWER: German Nov Power Tracks 1% Weekly Decline
POWER
German front-month power is trading rangebound on Friday morning, tracking a weekly net decline of just below 1%, amid similar movements in EU gas and carbon allowances. German spot power prices are expected to fall with forecasts for higher wind and lower demand.
- Germany Base Power NOV 24 down 0.1% at 88.01 EUR/MWh
- EUA DEC 24 up 0.6% at 63.35 EUR/MT
- TTF Gas NOV 24 down 0.4% at 39.475 EUR/MWh
- German Spark Spreads M1 down 5.4% at -8.59 EUR/MWh
- TTF front month is relatively unchanged so far today in rangebound trading this week with current warm weather giving way to a cooler end of the month. Curtailed Norwegian pipeline supplies are set against healthy storage levels towards the end of the injection season.
- EU ETS Dec24 is edging higher on Friday morning, diverging from EU gas prices as markets digest the latest ECB rate cut, while tracking a weekly net decline of 1.7% - sharper declines seen than in EU gas.
- The German EU Primary Auction EUAA will clear today at 11:00 CET.
- German wind output is forecast to increase on Saturday to 8.78GW, compared with 4.98GW forecasted for Friday. Output is further expected to rise to 15.41GW on Sunday. Solar PV output is forecast to decrease to 5.35GW on Saturday, from 5.62GW forecasted for Friday. On Sunday, output is expected to rise to 6.49GW according to the latest ECMWF forecast.
- Power demand in Germany is forecast to peak at 64.89GW on Friday and at 52.84GW and 48.98GW on Saturday and Sunday, respectively, Entso-E data showed.
- The latest 6-10 day ECMWF weather forecast suggested mean temperatures in NW Europe to be above normal throughout the forecast period, with cooler weather towards the end of the month.
- Germany’s hydrobalance has been revised down at the end of the forecast period to end at -429GWh on 1 November, compared with -401GWh the day before.
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