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POWER: German Oct Power Tracks One-Month Low

POWER

Germany October power is pulling back today with losses in the wider energy complex, trading at the lowest since 7 August. Wind output in Germany is forecast to rise on Thursday and Friday before easing back down again. 

  • Germany Base Power OCT 24 down 1.3% at 87.6 EUR/MWh
  • EUA DEC 24 down 0.6% at 69.98 EUR/MT
  • TTF Gas OCT 24 down 0.9% at 38.23 EUR/MWh
  • TTF front month is edging down towards the low of €37.915/MWh from Aug 29 with high storage ahead of the winter heating season offsetting geopolitical risks.
  • EU ETS Dec24 is trading lower today with downward pressure from European gas prices. The next EU EUA CAP 3 auction will clear at 11:00CET today.
  • The latest ECMWF weather forecast suggested temperature for Germany are forecast to average 21.43C between 3-9 September, versus 20.04C for the same period in the forecast issued 12 hours earlier and above the 30-year normal of 16.01C.
  • Power demand in Germany is forecast at a maximum of 63.28GW on Tuesday and of 62.75GW on Wednesday, Entso-E data showed.
  • Wind output in Germany is forecast to edge lower on Wednesday to 3.64GW during base load, compared with 4.05GW forecast for Tuesday. Solar PV is forecast to decline on the day to 17.11GW during peak load according to SpotRenewables. 

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