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POWER: Mid-Day Power Summary: France Oct Leads Gains

POWER
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The French-German October power base-load spread has narrowed today, with France leading gains amid higher natural gas prices and potential strike action at EdF’s power fleet. Nordic Oct has been holding onto losses today amid a much wetter outlook, resisting gains in CWE. 

  • Nordic Base Power OCT 24 down 1.4% at 25.5 EUR/MWh
  • France Base Power OCT 24 up 6.2% at 59.49 EUR/MWh
  • Germany Base Power OCT 24 up 2.3% at 77.8 EUR/MWh
  • EUA DEC 24 up 0.8% at 64.39 EUR/MT
  • TTF Gas OCT 24 up 3.6% at 36.675 EUR/MWh
  • TTF front month has extended gains, tracking last week’s high of €36.77/MWh, amid further extensions to Norwegian outages and uncertainty around Azerbaijan’s gas flows to Europe.
  • EU ETS Dec24 is edging higher today but lacks sharp gains in natural gas markets with speculator positioning in EU ETS futures turning more bearish for the fourth consecutive week.
  • The latest bi-weekly Polish Primary Market Auction (Phase 4 - CAP3) cleared lower at €63.55/ton CO2e, compared with €64.75/ton CO2e in the previous auction.
  • Companies could reduce risk and cost by lowering emissions in their supply chains, with the costs of the impact of climate change three times higher than mitigating the impact, HSBC said.
  • EdF has issued a notice for 24 hour strike action starting 30 September 21:00 CET.
  • EdF is hopeful that talks regarding the financing of new nuclear capacity will conclude by the end of this year, CEO Luc Remont said.
  • French cal25 power futures are currently underpriced as markets have not yet priced in higher exports and a recovery in power demand, BNP said in a note.
  • Germany will begin trialling its new “use instead of curtailment" mechanism on 1 Oct - which will allow large consumers to receive renewable power first that would otherwise be curtailed; however, no participants have registered.
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The French-German October power base-load spread has narrowed today, with France leading gains amid higher natural gas prices and potential strike action at EdF’s power fleet. Nordic Oct has been holding onto losses today amid a much wetter outlook, resisting gains in CWE. 

  • Nordic Base Power OCT 24 down 1.4% at 25.5 EUR/MWh
  • France Base Power OCT 24 up 6.2% at 59.49 EUR/MWh
  • Germany Base Power OCT 24 up 2.3% at 77.8 EUR/MWh
  • EUA DEC 24 up 0.8% at 64.39 EUR/MT
  • TTF Gas OCT 24 up 3.6% at 36.675 EUR/MWh
  • TTF front month has extended gains, tracking last week’s high of €36.77/MWh, amid further extensions to Norwegian outages and uncertainty around Azerbaijan’s gas flows to Europe.
  • EU ETS Dec24 is edging higher today but lacks sharp gains in natural gas markets with speculator positioning in EU ETS futures turning more bearish for the fourth consecutive week.
  • The latest bi-weekly Polish Primary Market Auction (Phase 4 - CAP3) cleared lower at €63.55/ton CO2e, compared with €64.75/ton CO2e in the previous auction.
  • Companies could reduce risk and cost by lowering emissions in their supply chains, with the costs of the impact of climate change three times higher than mitigating the impact, HSBC said.
  • EdF has issued a notice for 24 hour strike action starting 30 September 21:00 CET.
  • EdF is hopeful that talks regarding the financing of new nuclear capacity will conclude by the end of this year, CEO Luc Remont said.
  • French cal25 power futures are currently underpriced as markets have not yet priced in higher exports and a recovery in power demand, BNP said in a note.
  • Germany will begin trialling its new “use instead of curtailment" mechanism on 1 Oct - which will allow large consumers to receive renewable power first that would otherwise be curtailed; however, no participants have registered.