POWER: Mid-Day Power Summary: German Sept Rebounds on Energy Complex

German front-month power has recouped earlier losses to trade higher on the with support from gains in European carbon allowances and natural gas prices. Nordic Sept power is rallying today with a downward revision of Norway's hydrological balance. 

• Front-month TTF has recouped earlier gains but remains within the €38.5/MWh to €40.4/MWh range seen since Aug. 13 with Ukraine transit supply risks and Norwegian outages weighed against muted demand and high stocks.
• EU ETS Dec24 is also trading higher, supported by gains in natural gas. The latest EU ETS CAP3 EU auction cleared at €71.50/ton CO2e, up from €69.85/ton CO2 in the previous auction.
• France’s hydropower reserves last week – week 33 – were again broadly stable at 86.52% of capacity, or 3.107TWh, widening the surplus to the five-year average and 2023 levels,
• In Switzerland, planned maintenance at Axpo’s 365MW Beznau 2 reactor is scheduled to end on Monday 14:00 CET, from 11:00 CET scheduled previously.
• Results of Italy’s 2025 capacity auction have been suspended until “at least” September amid the request of an excluded market participant, a source said.
• Finland’s 160MW unit B6 at its 480MW Vuosaari B gas-fired power plant has extended its planned maintenance to 2 September from 19 August as tests are still ongoing.
• Ukraine is resuming scheduled power cuts on Monday for the first time in three weeks, as hot weather has lifted power consumption according to Ukrenergo.
• Nordic Base Power SEP 24 up 7.9% at 28 EUR/MWh
• France Base Power SEP 24 up 7.1% at 74.65 EUR/MWh
• Germany Base Power SEP 24 up 1.7% at 94.15 EUR/MWh
• EUA DEC 24 up 1.1% at 73.33 EUR/MT
• TTF Gas SEP 24 up 1% at 40.025 EUR/MWh