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

France Sept power base load is leading gains today for the second consecutive session, narrowing the outright September spread to the German market to the lowest since 23 July. Nordic Sept Power is rallying a second day amid high nuclear maintenance and a downward revision in Norway’s hydrological balance.

• France Base Power SEP 24 up 3.2% at 77.05 EUR/MWh
• Germany Base Power SEP 24 up 1.2% at 95 EUR/MWh
• Nordic Base Power SEP 24 up 8.2% at 30.35 EUR/MWh
• EUA DEC 24 up 1.4% at 74.2 EUR/MT
• TTF Gas SEP 24 up 0.3% at 39.98 EUR/MWh
• TTF front month is edging higher but still holding within the €38.5/MWh to €40.45/MWh range seen since Aug. 13 as gas storage approaches EU target levels to help offset ongoing supply sensitivity ahead of the Norwegian maintenance season.
• EU ETS Dec24 has extended gains throughout the morning with the latest EU ETS CAP3 EU auction clearing at €72.40/ton CO2e, the highest since 3 June. 
• Germany’s Lichtblick and Sunnic extended its ongoing PPA by two years until the end of 2026.
• Lightsource BP and Kajonie Energie will develop over 500MW of PV in Germany.
• Baywa has completed the construction of five solar projects, with a combined capacity of 136MW, in southwestern France.
• EdF will deploy more than 300MW of battery storage power plants in the UK over the next 12 months, with six individual projects anticipated to be installed.
• Spanish hydropower reserves continued its decline to 52.3% of capacity as of the end of week 33, down from 53.8% of capacity the week prior.
• Solar PV output from in Austria, Bulgaria, Hungary and Romania increased by 55% on the year in the first seven months of this year.
• A Russian overnight missile and drone attack hit an energy station in Ukraine’s Sumy region which caused blackouts.