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POWER: Mid-Day Powe Summary: CWE Rebounds on Gas

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CWE front-month futures are regaining ground today with a recovery in EU gas prices. Floods in Central Europe continue to disrupt hydropower output, especially in Austria and Poland.

  • France Base Power OCT 24 up 3.4% at 56.71 EUR/MWh
  • Germany Base Power OCT 24 up 2.4% at 74.77 EUR/MWh
  • EUA DEC 24 up 0.8% at 63.72 EUR/MT
  • TTF Gas OCT 24 up 2.2% at 34.82 EUR/MWh
  • TTF front-month is rising today after yesterday’s selloff with markets focusing on winter risks despite bearish near-term fundamentals.
  • EU ETS Dec24 has been holding onto gains today, support by EU gas markets.
  • The latest EU ETS CAP3 auction cleared lower at €62.71/ton CO2e, down from €64.94/ton CO2e before and the lowest since 9 April.
  • The EU carbon price will likely be high enough to encourage greener metals production by 2030, with the EU carbon price estimated to reach €146/ton CO2e by the end of this decade according to BNEF.
  • Nuclear availability in France declined to 67% of capacity as of Tuesday morning, down from 74% on Monday, RTE data showed.
  • The latest German onshore wind tender from 1 August was oversubscribed with bids totalling 2.96GW for 2.71GW of offered capacity, marking a new record and the first oversubscribed tender since February 2022.
  • Inch Cape Offshore LTD has signed a PPA with SSE Energy to supply power from its planned 1.08GW offshore wind farm in the North Sea off the Angus coast for at least 15 years.
  • Italy is looking to create a new company to build SMRs, in which Italy’s Edison is interested in to be a part of, the CEO of Edison said.
  • Finland’s Fingrid is not anticipating any power supply shortages this winter even in the case of a cold spell.
  • The Polish government is anticipated to adopt an update of its NECP in the 4Q24, with the plan aiming to set new climate and energy goals. 
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CWE front-month futures are regaining ground today with a recovery in EU gas prices. Floods in Central Europe continue to disrupt hydropower output, especially in Austria and Poland.

  • France Base Power OCT 24 up 3.4% at 56.71 EUR/MWh
  • Germany Base Power OCT 24 up 2.4% at 74.77 EUR/MWh
  • EUA DEC 24 up 0.8% at 63.72 EUR/MT
  • TTF Gas OCT 24 up 2.2% at 34.82 EUR/MWh
  • TTF front-month is rising today after yesterday’s selloff with markets focusing on winter risks despite bearish near-term fundamentals.
  • EU ETS Dec24 has been holding onto gains today, support by EU gas markets.
  • The latest EU ETS CAP3 auction cleared lower at €62.71/ton CO2e, down from €64.94/ton CO2e before and the lowest since 9 April.
  • The EU carbon price will likely be high enough to encourage greener metals production by 2030, with the EU carbon price estimated to reach €146/ton CO2e by the end of this decade according to BNEF.
  • Nuclear availability in France declined to 67% of capacity as of Tuesday morning, down from 74% on Monday, RTE data showed.
  • The latest German onshore wind tender from 1 August was oversubscribed with bids totalling 2.96GW for 2.71GW of offered capacity, marking a new record and the first oversubscribed tender since February 2022.
  • Inch Cape Offshore LTD has signed a PPA with SSE Energy to supply power from its planned 1.08GW offshore wind farm in the North Sea off the Angus coast for at least 15 years.
  • Italy is looking to create a new company to build SMRs, in which Italy’s Edison is interested in to be a part of, the CEO of Edison said.
  • Finland’s Fingrid is not anticipating any power supply shortages this winter even in the case of a cold spell.
  • The Polish government is anticipated to adopt an update of its NECP in the 4Q24, with the plan aiming to set new climate and energy goals.