POWER: Mid-Day Power Summary: CWE Flips Red in Late Morning

CWE power curves erased earlier gains to trade lower on the day after EU gas prices reversed direction into negative territory. Nordic front-month power futures are holding onto gains today amid a drier outlook in the region.

• Nordic Base Power OCT 24 up 9.5% at 23 EUR/MWh
• France Base Power OCT 24 down 2.5% at 67.71 EUR/MWh
• Germany Base Power OCT 24 down 2.8% at 82.01 EUR/MWh
• EUA DEC 24 down 1.1% at 65.78 EUR/MT
• TTF Gas OCT 24 down 2% at 36.6 EUR/MWh
• TTF reverses direction with European fundamentals coping despite current pipeline supply cuts and US LNG supply risks due to a storm in the US Gulf. High underground storage and higher than normal LNG volumes at sea are helping to ease tight supply fears as the winter heating season approaches.
• The flip in European gas prices also weighed on European carbon allowances that retreated from an intraday high of €67.18/ton CO2e in the morning. The latest EU ETS CAP3 EU auction cleared slightly higher at €65.83/ton CO2e, up from €65.75/ton CO2e in the previous auction.
• Combined coal inventories at the four ARA terminals declined by 1.6% in the last week to 3.81mn tons, the lowest since mid-April 2022.
• The unplanned outage at EdF’s 915MW Tricastin 2 reactor by 1 day to 11 September.
• EdF adjusted its 2024 corrosion plan, removing the 1.33GW Paluel 1 nuclear reactor from the corrosion risk list.
• Hydropower reserves in Spain declined another week to 49.3% of capacity as of the end of week 36, down from 49.5% of capacity the week before.
• Sweden is planning to implement proposals to support the expansion of wind power by supporting municipalities, the government said in its budget press conference.
• Denmark’s first CO2 storage – Project Greensand - in the North Sea subsoil is ready for operations.