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POWER: Mid-Day Power Summary: CWE Power Struggles to Find Direction

POWER
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German front-month power futures are struggling to find a clear direction today with mixed movements in the energy complex and forecasts for milder weather and high wind output. Nordic December power is trading higher with a cooler weather and a downward revision in Sweden’s hydrobalance. 

  • Nordic Base Power DEC 24 up 2% at 50.5 EUR/MWh
  • France Base Power DEC 24 down 0.2% at 92.67 EUR/MWh
  • Germany Base Power DEC 24 up 0.3% at 96.42 EUR/MWh
  • EUA DEC 24 down 0.8% at 67.02 EUR/MT
  • TTF Gas DEC 24 up 0.4% at 43.905 EUR/MWh
  • TTF is struggling to find a clear direction today with support from higher demand and storage withdrawals due to cool weather with markets still wary of winter risks. EU LNG imports are still below 2023 levels with US netbacks to EU vs Asia currently near parity.
  • EU ETS Dec24 are pulling back, diverging another session from moves higher in EU gas, amid more bearish energy fundamentals with higher wind and milder weather. The latest EU ETS CAP3 auction cleared lower today at €65.92/ton CO2e, compared with €67.60/ton CO2e in the previous auction.
  • German lawmakers have agreed on 23 February as the date for a snap general election according to unnamed CDU insiders.
  • Shell on Tuesday won an appeal against a ruling by a Dutch Court from 2021, dismissing the entire ruling.
  • Climate negotiators during COP29 on Monday agreed on rules for an UN-administered global carbon market, Article 6.4, stipulating how countries and companies should trade carbon credits through a marketplace.
  • Italy’s GSE has awarded 410.6MW of renewables in the latest tender round, including 57 solar projects for a total capacity of 322.2MW and two wind projects for a total of 88.4MW of capacity.
  • Spanish hydropower reserves last week - calendar week 45 – dipped slightly to 51.2% of capacity, down from 51.7% in the week prior.
  • The unplanned outage at Endesa’s 1.03GW Ascó 2 nuclear reactor has been extended by one day until 14 November 00:01CET.
  • Ofgem has greenlit five new subsea power links totalling over 6GW, aiming to connect Great Britain with Belgium, the Netherlands, Germany, Ireland, and Northern Ireland.
  • Cez increased its hedging for power delivered in 2025-28 in 3Q24 compared to the 1H24, with average prices falling on the quarter.
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German front-month power futures are struggling to find a clear direction today with mixed movements in the energy complex and forecasts for milder weather and high wind output. Nordic December power is trading higher with a cooler weather and a downward revision in Sweden’s hydrobalance. 

  • Nordic Base Power DEC 24 up 2% at 50.5 EUR/MWh
  • France Base Power DEC 24 down 0.2% at 92.67 EUR/MWh
  • Germany Base Power DEC 24 up 0.3% at 96.42 EUR/MWh
  • EUA DEC 24 down 0.8% at 67.02 EUR/MT
  • TTF Gas DEC 24 up 0.4% at 43.905 EUR/MWh
  • TTF is struggling to find a clear direction today with support from higher demand and storage withdrawals due to cool weather with markets still wary of winter risks. EU LNG imports are still below 2023 levels with US netbacks to EU vs Asia currently near parity.
  • EU ETS Dec24 are pulling back, diverging another session from moves higher in EU gas, amid more bearish energy fundamentals with higher wind and milder weather. The latest EU ETS CAP3 auction cleared lower today at €65.92/ton CO2e, compared with €67.60/ton CO2e in the previous auction.
  • German lawmakers have agreed on 23 February as the date for a snap general election according to unnamed CDU insiders.
  • Shell on Tuesday won an appeal against a ruling by a Dutch Court from 2021, dismissing the entire ruling.
  • Climate negotiators during COP29 on Monday agreed on rules for an UN-administered global carbon market, Article 6.4, stipulating how countries and companies should trade carbon credits through a marketplace.
  • Italy’s GSE has awarded 410.6MW of renewables in the latest tender round, including 57 solar projects for a total capacity of 322.2MW and two wind projects for a total of 88.4MW of capacity.
  • Spanish hydropower reserves last week - calendar week 45 – dipped slightly to 51.2% of capacity, down from 51.7% in the week prior.
  • The unplanned outage at Endesa’s 1.03GW Ascó 2 nuclear reactor has been extended by one day until 14 November 00:01CET.
  • Ofgem has greenlit five new subsea power links totalling over 6GW, aiming to connect Great Britain with Belgium, the Netherlands, Germany, Ireland, and Northern Ireland.
  • Cez increased its hedging for power delivered in 2025-28 in 3Q24 compared to the 1H24, with average prices falling on the quarter.