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POWER: German Oct Power Tracks 8% Weekly Fall

POWER
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The German October power base-load contract is tracking a weekly net decline of above 8%, mirroring losses in European carbon allowances and natural gas markets. Closer in, wind output is forecast to be mixed in Germany next week with load factors ranging between 8-32% during base load. 

  • Germany Base Power OCT 24 up 1.8% at 83.4 EUR/MWh
  • EUA DEC 24 up 0.7% at 66.65 EUR/MT
  • TTF Gas OCT 24 up 2.3% at 37.03 EUR/MWh
  • TTF front month is gaining ground with increased risk of supply amid LNG competition from Egypt but still net down on the week despite the tighter pipeline gas supplies from Norway and Algeria.
  • EU ETS Dec24 is edging higher but tracking a weekly net decline, closely tracking movements in natural gas markets. The next German EUA CAP3 auction will clear today 11:00 CET.
  • Wind output in Germany is forecast to significantly fall this weekend to 6.03-6.49GW during base load. Solar PV output is forecast at 26.23GW on Saturday and at 20.3GW on Sunday during peak-load hours according to SpotRenewables.
  • The latest ECMWF weather forecast for NW Europe suggested temperatures to remain above normal until 10 Sept after which they will fall below normal.
  • Power demand in Germany is forecast at a maximum of 61.71GW on Friday and fall to a peak of 51.49GW and 48.41GW on Saturday and Sunday, respectively. 
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The German October power base-load contract is tracking a weekly net decline of above 8%, mirroring losses in European carbon allowances and natural gas markets. Closer in, wind output is forecast to be mixed in Germany next week with load factors ranging between 8-32% during base load. 

  • Germany Base Power OCT 24 up 1.8% at 83.4 EUR/MWh
  • EUA DEC 24 up 0.7% at 66.65 EUR/MT
  • TTF Gas OCT 24 up 2.3% at 37.03 EUR/MWh
  • TTF front month is gaining ground with increased risk of supply amid LNG competition from Egypt but still net down on the week despite the tighter pipeline gas supplies from Norway and Algeria.
  • EU ETS Dec24 is edging higher but tracking a weekly net decline, closely tracking movements in natural gas markets. The next German EUA CAP3 auction will clear today 11:00 CET.
  • Wind output in Germany is forecast to significantly fall this weekend to 6.03-6.49GW during base load. Solar PV output is forecast at 26.23GW on Saturday and at 20.3GW on Sunday during peak-load hours according to SpotRenewables.
  • The latest ECMWF weather forecast for NW Europe suggested temperatures to remain above normal until 10 Sept after which they will fall below normal.
  • Power demand in Germany is forecast at a maximum of 61.71GW on Friday and fall to a peak of 51.49GW and 48.41GW on Saturday and Sunday, respectively.