POWER: Mid-Day Power Summary: CWE Sept Remains Green

CWE September power has held onto gains from the early morning session to track similar price movements in European gas, with coal adding some support, while losses in emissions are keeping gains limited.

• France Base Power SEP 24 up 0.5% at 73.32 EUR/MWh
• Germany Base Power SEP 24 up 1.2% at 91.35 EUR/MWh
• EUA DEC 24 down 0.5% at 71.11 EUR/MT
• TTF Gas SEP 24 up 0.8% at 38.99 EUR/MWh
• Rotterdam Coal SEP 24 up 0.2% at 120 USD/MT
• TTF front month is holding onto recent gains after rallying in the early morning session as market participants weigh tightening supplies during the Norwegian maintenance season.
• EU ETS Dec24 has flipped into negative territory from the morning session to erase earlier gains supported by higher natural gas prices, while investment firm positioning turn slightly more bullish, however, maintaining its net short position.
• The latest bi-weekly Polish Primary Market Auction (Phase 4 - CAP3) cleared slightly lower at €70.39/ton CO2e from €70.59/ton CO2e in the previous auction held on 14 August.
• NGO’s CAN Europe and GLAN have taken legal action against the EU to toughen its emissions targets, the groups said
• Investment funds positioning in ICE German power futures turned slightly bearish, although positioning remained net long.
• France’s nuclear power plants are projected to generate 349TWh in 2024, exceeding EDF’s forecast of 315-345TWh,
• Offshore wind costs are anticipated to drop 20-30% in the next decade, with floating offshore and bottom-fixed wind farms falling to €70-40/MWh, respectively, by 2040.