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POWER: German Sept Trades Rangebound

POWER

Germany Sept power base load is trading rangebound today with small gains in European carbon allowances and losses in natural gas prices. Wind output in Germany is forecast to pick up on Wednesday. 

  • Germany Base Power SEP 24 up 0.1% at 93.98 EUR/MWh
  • EUA DEC 24 up 0.2% at 73.28 EUR/MT
  • TTF Gas SEP 24 down 0.7% at 39.56 EUR/MWh
  • TTF front month is pulling back but still holding within the €38.5/MWh to €40.45/MWh range seen since Aug. 13 as gas storage approaches EU target levels to help offset ongoing supply sensitivity ahead of the Norwegian maintenance season.
  • EU ETS Dec24 is edging higher on Tuesday, ignoring losses in natural gas prices. The next EU EUA CAP 3 auction will clear at 11:00CET today.
  • The latest 6-10 days ECMWF for NW Europe suggested mean temperatures will remain near or above the seasonal normal for the remainder of this month, with temperatures to rise back up from 27 August. 
  • In Germany, wind output is forecast to rise to 19.44GW during base load on Wednesday, up from 8.69GW forecast for Tuesday. Solar PV is forecast to remain broadly stable on the day at 12.7GW during base load according to SpotRenewables.
  • German power net exports are scheduled at 3.04GW to Austria and Switzerland on Tuesday. Net imports from France are scheduled ay 2.47GW.
  • In Switzerland, planned maintenance at Axpo’s 365MW Beznau 2 reactor ended Monday 21:00 CET, remit data showed. 

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