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POWER: German Spot Power to Fall

POWER

German front-month power is edging higher today supported by small gains in natural gas prices. German spot prices may decline on the day with slightly higher wind output and a more pronounced increase in solar PV output.  

  • Germany Base Power OCT 24 up 1.4% at 74.03 EUR/MWh
  • EUA DEC 24 down 0.2% at 63.06 EUR/MT
  • TTF Gas OCT 24 up 0.8% at 34.35 EUR/MWh
  • TTF front month is edging higher after falling yesterday with warm weather and muted demand adding to healthy storage and with the end of the peak Norway maintenance season in sight.
  • EU ETS Dec24 is edging lower today despite small gains in the natural gas market. The next EU EUA CAP3 auction will clear today 11:00 CET.
  • Wind output in Germany is forecast to edge higher on Wednesday to 15.98GW during base load, up from 14.75GW forecasted for Tuesday. Solar PV output is forecast to increase sharply on the day on Wednesday to 21.99GW during peak load, up from 16.61GW forecasted for Tuesday 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 63.2GW on Tuesday and of 62.73GW on Wednesday, Entso-E data showed. 

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