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POWER: German September Climbs to 8-day high

POWER

 Germany Sept power is trending higher to track small gains in European carbon allowances and natural gas to reach its highest since 20 August.  Wind output in Germany is forecast to be at a 10% load factor tomorrow – slightly lower than today – which could keep delivery costs firm.

  • Germany Base Power SEP 24 up 1.1% at 91.32 EUR/MWh
  • EUA DEC 24 up 0.2% at 71.66 EUR/MT
  • TTF Gas SEP 24 up 0.6% at 38.92 EUR/MWh
  • Rotterdam Coal SEP 24 up 0.8% at 119.75 USD/MT
  • TTF front month is edging up slightly amid Norway maintenance season sparking some supply concerns, while Asian LNG competition and Ukraine and Middle Eastern conflicts are adding support, while fundamentals regarding storage and temperatures are relatively unchanged.
  • EU ETS Dec24 is edging higher on Wednesday, tracking gains in natural gas prices. The next Polish EUA CAP 3 auction will clear at 11:00CET today.
  • In Germany, wind output is forecast at 6.63GW on Thursday, down from 7.34GW estimated for Wednesday before dropping to a 9% load factor the next day, according to SpotRenewables.
  • The latest 6-10 days ECMWF for Berlin suggested mean temperatures being above the 30-year norm of around 16C over 27 August-6 September, with max temperatures climbing to as high as 30.9C on 2 September.
  • German hard coal generation is at around 4.3GW on Wednesday morning, up compared to the 2019-23 average of 1.57GW over the same period. 
CommoditiesCEEMEAEurozoneEnergy BulletsGermanyBulletPower BulletsGlobalRegion

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