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POWER: Mid-Day Power Summary: German Oct Rally’s on Energy Complex

POWER

German October power has rallied with support from gains in European carbon allowances and natural gas prices. Nordic Sept power has had a choppy session, improving slightly due to gas prices, however, flipping back into red toward midday amid a strong Norwegian hydro balance.

  • Nordic Base Power SEP 24 down 1.7% at 23.1 EUR/MWh
  • Germany Base Power OCT 24 up 2.01% at 92.25 EUR/MWh
  • EUA DEC 24 up 0.1% at 71.14 EUR/MT
  • TTF Gas OCT 24 up 3.5% at 40.225 EUR/MWh
  • TTF has extended gains to be supported amid Gassco’s two-day extension to the Nyhamna and Kollsnes maintenance to 8 September.
  • EU ETS Dec24 is also trading higher, supported by gains in natural gas. The latest weekly German EUA CAP3 auction cleared at €70.07/t CO2e, down from €70.73/ t CO2e.
  • European EU ETS price could range around €70/t CO2e level next week amid a subsequent rise in auction supply from September.
  • France’s total installed PV capacity reached 22.2GW at the end of 1H24, with 2.1GW connected over the period, up from 1.4GW in 1H23.
  • Germany’s latest solar open-space PV system was over-subscribed again, with around 2.15GW awarded, down from 2.23GW in March, while the average achieved price dropped.
  • Portugal’s EDP plans to hybridize its wind and solar power plants in Europe in the “coming years,” allowing for an additional 750MW to be installed.
  • Equinor has confirmed that it renewables arm will leave the offshore wind sector in Spain and Portugal amid “significant headwinds” in the market.
  • Finland’s 1.6GW OL3 nuclear reactor will become part of the down-regulation market of Finland’s frequency restoration reserve from 1 September.
Power BulletsCommoditiesEnergy BulletsEurozoneGermanyCEEMEABulletNorwayGlobalRegion

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