POWER: Mid-Day Power Summary: CWE Sept Rangebound on Gas

CWE September power is trading rangebound after European gas prices gave up earlier losses, while Nordic front-month power is plunging on higher precipitation with a positive hydro balance in Norway and an unplanned outage at the Nordlink interconnector with Germany. 

• France Base Power SEP 24 down 0% at 70.51 EUR/MWh
• Germany Base Power SEP 24 up 0.2% at 89.88 EUR/MWh
• EUA DEC 24 unchanged at 72.14 EUR/MT
• TTF Gas SEP 24 up 0% at 37.025 EUR/MWh
• TTF front month has been holding onto some gains today before pulling back with supply fears and geopolitical risk weighed against unchanged fundamentals with high stocks. 
• EU ETS Dec24 is trading rangebound today, erasing some of the earlier gains supported by higher natural gas prices. The latest EU ETS CAP3 EU auction cleared lower at €71.02/ton CO2e, down from €72.40/ton CO2e. 
• EdF halts 915MW Tricastin nuclear reactor on Thursday and Friday due to low demand and to save fuel.
• The IFA 2 Tourbe-Daedalus interconnector will have no available capacity in both directions until 23 Aug 22:59 CET amid an unplanned outage. 
• RWE in Germany has received almost 3TWh of bids – equal to the offered volumes – for its green tender that ended on 16 August.
• Italian hydropower reserves decreased by 0.08TWh to 3.43Twh as of the end of week 33, switching to a deficit to the five-year average for the first time eight weeks. 
• The unplanned outage at the 1.44GW Nordlink interconnector between Germany and Norway has been shortened to end 22 Aug 13:00 CET.
• Finland's 507MW Loviisa Block 2 nuclear reactor has been extended by one day until 26 August 22:00 CET.
• Poland is proposing the maximum price of support given to offshore wind farms and fed into the grid at PLN471.83/MWh (€110.05/MWh), with the first 4GW auction planned for 2025.