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POWER: Mid-Day Power Summary: CWE Edges Lower on Gas Pullback

POWER
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CWE front-month power futures are pulling lower today, with France leading losses, amid lower EU gas prices and carbon allowances as well as forecasts for milder weather next week. 

  • Nordic Base Power NOV 24 down 2.1% at 44.2 EUR/MWh
  • France Base Power NOV 24 down 2.2% at 75.7 EUR/MWh
  • Germany Base Power NOV 24 down 1.1% at 87.17 EUR/MWh
  • EUA DEC 24 down 0.7% at 63.16 EUR/MT
  • TTF Gas NOV 24 down 0.8% at 38.965 EUR/MWh
  • TTF is pulling back after yesterday’s rally as Israel’s Karish gas field remains operational despite a brief shutdown at the Tamar and Leviathan gas fields.
  • EU ETS Dec24 is edging lower today with losses in EU gas and a pullback in EU equities, despite speculator positioning in EU ETS futures on the ICE exchange turning more bullish in the latest COT data.
  • The latest EUA Northern Irish Primary Auction CAP3 has cleared at €62.89/ton CO2e, down from the previous auction at €78.78/ton CO2e held on 4 October 2023.
  • Power consumption in Germany, France and the UK is forecast to rise by 10% on the month to124GW in October, supported by cooler weather and increased use of electric heating, BNEF data showed.
  • Investment funds positioning in ICE German power futures decreased their net long position for the third consecutive week.
  • French nuclear generation this year is forecast to reach 352TWh – within EdF’s updated range of 340-360TWh – according to BNEF.
  • France is targeting to increase onshore wind capacity by 1.5GW per year, Energy minister Olga Givernet said.
  • Swiss hydropower reserves increased last week by 1.4 percentage points to 83% of capacity as of 30 September, amid above-normal precipitation.
  • Sweden's 1.04GW Forsmark 1 will run at around 1GW of capacity from 2-4 Oct and then decrease to 550MW over 4-5 Oct.
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CWE front-month power futures are pulling lower today, with France leading losses, amid lower EU gas prices and carbon allowances as well as forecasts for milder weather next week. 

  • Nordic Base Power NOV 24 down 2.1% at 44.2 EUR/MWh
  • France Base Power NOV 24 down 2.2% at 75.7 EUR/MWh
  • Germany Base Power NOV 24 down 1.1% at 87.17 EUR/MWh
  • EUA DEC 24 down 0.7% at 63.16 EUR/MT
  • TTF Gas NOV 24 down 0.8% at 38.965 EUR/MWh
  • TTF is pulling back after yesterday’s rally as Israel’s Karish gas field remains operational despite a brief shutdown at the Tamar and Leviathan gas fields.
  • EU ETS Dec24 is edging lower today with losses in EU gas and a pullback in EU equities, despite speculator positioning in EU ETS futures on the ICE exchange turning more bullish in the latest COT data.
  • The latest EUA Northern Irish Primary Auction CAP3 has cleared at €62.89/ton CO2e, down from the previous auction at €78.78/ton CO2e held on 4 October 2023.
  • Power consumption in Germany, France and the UK is forecast to rise by 10% on the month to124GW in October, supported by cooler weather and increased use of electric heating, BNEF data showed.
  • Investment funds positioning in ICE German power futures decreased their net long position for the third consecutive week.
  • French nuclear generation this year is forecast to reach 352TWh – within EdF’s updated range of 340-360TWh – according to BNEF.
  • France is targeting to increase onshore wind capacity by 1.5GW per year, Energy minister Olga Givernet said.
  • Swiss hydropower reserves increased last week by 1.4 percentage points to 83% of capacity as of 30 September, amid above-normal precipitation.
  • Sweden's 1.04GW Forsmark 1 will run at around 1GW of capacity from 2-4 Oct and then decrease to 550MW over 4-5 Oct.