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POWER: German October Power Slides

POWER
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German front-month power base load is sliding today to the lowest since end-July with sharp losses in European natural gas prices and carbon allowances. German renewables output is forecast to rise on the day, likely weighing on the spot. 

  • Germany Base Power OCT 24 down 3.2% at 74.75 EUR/MWh
  • EUA DEC 24 down 2.3% at 63.51 EUR/MT
  • TTF Gas OCT 24 down 3% at 34.58 EUR/MWh
  • TTF has fallen through the lows from last week with muted demand due to warm weather forecast this month adding to healthy storage and with Norway supply expected to start recovering later this week.
  • EU ETS Dec24 is also pulling back today with losses in gas markets. The next EU EUA CAP3 auction will clear today 11:00 CET.
  • Wind output in Germany is forecast to increase on the day to 14.75GW during base load on Tuesday. Solar PV output is forecast to increase to 16.61GW during peak load according to SpotRenewables.
  • The latest ECMWF weather forecast for NW Europe suggested mean temperatures will rise above normal from Tuesday and stay above the average throughout the forecast period.
  • Power demand in Germany is forecast to reach a maximum of 62.9GW on Monday and of 63.2GW on Tuesday, Entso-E data showed.
  • The NordLink 1.4GW interconnector between NO2 and Germany is starting planned annual maintenance on 16 Sept 10:00 BST until 20 Sept 17:00 BST, remit data showed. 
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German front-month power base load is sliding today to the lowest since end-July with sharp losses in European natural gas prices and carbon allowances. German renewables output is forecast to rise on the day, likely weighing on the spot. 

  • Germany Base Power OCT 24 down 3.2% at 74.75 EUR/MWh
  • EUA DEC 24 down 2.3% at 63.51 EUR/MT
  • TTF Gas OCT 24 down 3% at 34.58 EUR/MWh
  • TTF has fallen through the lows from last week with muted demand due to warm weather forecast this month adding to healthy storage and with Norway supply expected to start recovering later this week.
  • EU ETS Dec24 is also pulling back today with losses in gas markets. The next EU EUA CAP3 auction will clear today 11:00 CET.
  • Wind output in Germany is forecast to increase on the day to 14.75GW during base load on Tuesday. Solar PV output is forecast to increase to 16.61GW during peak load according to SpotRenewables.
  • The latest ECMWF weather forecast for NW Europe suggested mean temperatures will rise above normal from Tuesday and stay above the average throughout the forecast period.
  • Power demand in Germany is forecast to reach a maximum of 62.9GW on Monday and of 63.2GW on Tuesday, Entso-E data showed.
  • The NordLink 1.4GW interconnector between NO2 and Germany is starting planned annual maintenance on 16 Sept 10:00 BST until 20 Sept 17:00 BST, remit data showed.