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POWER: Mid-Day Power Summary: France Oct Power Plunges

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France October power base load is plunging today with forecasts for slightly milder weather at the end of this week/early next week, while hydropower stocks showed an increase last week – widening the surplus to the five-year average to the highest so far this year. Nordic front-month futures are trading higher today with support from EU gas, a drier outlook and a downward revision in Norway hydrobalance. 

  • Nordic Base Power OCT 24 up 3.4% at 30.3 EUR/MWh
  • France Base Power OCT 24 down 5.7% at 58.9 EUR/MWh
  • Germany Base Power NOV 24 down 0.3% at 90.57 EUR/MWh
  • EUA DEC 24 down 0.5% at 66.02 EUR/MT
  • TTF Gas NOV 24 up 1.8% at 39.28 EUR/MWh
  • Front month TTF is holding onto gains today driven by supply risks amid rising Middle East tensions while temperatures remain cool and pipeline supplies to Europe are still below normal.
  • EU ETS Dec24 is pulling back today, shrugging off gains in EU gas, amid weak economic sentiment from Germany after sources said on Monday Germany’s government is expected to cut its growth forecast for 2024 to at best stagnation – from 0.3% growth previously projected - according to Bloomberg. he EU ETS 2023 compliance deadline is today, with most entities expected to have already surrendered allowances for 2023.
  • Volvo Car and 50 other firms are urging the European Union to stick to its plan to stop new combustion-engine vehicle sales from 2035 to create certainty for the sector.
  • French hydropower reserves last week – calendar week 39 – increased by 0.82 percentage points to 86% of capacity, widening the surplus to the five-year average to the highest level so far this year.
  • Uniper is decommissioning the 875MW Heyden 4 coal-fired plant in Petershagen, North Rhine-Westphalia, on Monday.
  • Uniper’s 2.2GW Ratcliffe-on Soar coal-fired plant – the last remaining unit in the UK – will be shut down on Monday, with decommissioning works starting on 1 October that are scheduled to last two years.
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France October power base load is plunging today with forecasts for slightly milder weather at the end of this week/early next week, while hydropower stocks showed an increase last week – widening the surplus to the five-year average to the highest so far this year. Nordic front-month futures are trading higher today with support from EU gas, a drier outlook and a downward revision in Norway hydrobalance. 

  • Nordic Base Power OCT 24 up 3.4% at 30.3 EUR/MWh
  • France Base Power OCT 24 down 5.7% at 58.9 EUR/MWh
  • Germany Base Power NOV 24 down 0.3% at 90.57 EUR/MWh
  • EUA DEC 24 down 0.5% at 66.02 EUR/MT
  • TTF Gas NOV 24 up 1.8% at 39.28 EUR/MWh
  • Front month TTF is holding onto gains today driven by supply risks amid rising Middle East tensions while temperatures remain cool and pipeline supplies to Europe are still below normal.
  • EU ETS Dec24 is pulling back today, shrugging off gains in EU gas, amid weak economic sentiment from Germany after sources said on Monday Germany’s government is expected to cut its growth forecast for 2024 to at best stagnation – from 0.3% growth previously projected - according to Bloomberg. he EU ETS 2023 compliance deadline is today, with most entities expected to have already surrendered allowances for 2023.
  • Volvo Car and 50 other firms are urging the European Union to stick to its plan to stop new combustion-engine vehicle sales from 2035 to create certainty for the sector.
  • French hydropower reserves last week – calendar week 39 – increased by 0.82 percentage points to 86% of capacity, widening the surplus to the five-year average to the highest level so far this year.
  • Uniper is decommissioning the 875MW Heyden 4 coal-fired plant in Petershagen, North Rhine-Westphalia, on Monday.
  • Uniper’s 2.2GW Ratcliffe-on Soar coal-fired plant – the last remaining unit in the UK – will be shut down on Monday, with decommissioning works starting on 1 October that are scheduled to last two years.