Power Summary at European Close: CWE Futures Hold Onto Gains

CWE and Nordic futures have rebounded today after an initial drop lower, amid gains in European carbon allowances and gas prices. Strikes in France’s energy sector are expected to start Wednesday which is likely to curtail supplies.

• France Base Power JUL 24 up 3.7% at 39.16 EUR/MWh
• Germany Base Power JUL 24 up 0.6% at 73.26 EUR/MWh
• EUA DEC 24 up 0.5% at 68.34 EUR/MT
• TTF Gas JUL 24 up 1.3% at 34.65 EUR/MWh
• Rotterdam Coal JUL 24 down 0.7% at 110.3 USD/MT
• TTF front month has been holding onto gains today amid supply risks after a new unplanned outage at the Nyhamna processing facility.
• The EU ETS Dec 24 is trading higher today, closely tracking moves in European natural gas prices. The EU ETS June 24 contract is expiring on Wednesday.
• The latest EU ETS CAP3 EU auction cleared at €66.97/ton CO2e, compared with €66.66/ton CO2e in the previous auction held on 17 June according to EEX.
• The informal meeting of European Union member state leaders on the evening of 17 June failed to reach an agreement on the next leaders of the EU's three political institutions and its foreign policy head.
• Germany added 948MW of new solar PV capacity in May, down from 1.18GW in April and the lowest level since at least June 2023, Bnetza data showed.
• Settled prices on the CBC auction for delivery in July on the Jao on the Swiss-Austrian border widened the spread with Switzerland at a sharp discount to Austria.
• The latest Jao monthly July CBC auction between Switzerland and Germany allocated all of the offered capacity, with capacity increases in the Swiss-German direction, while the settled price spread increased according to Jao
• The Swiss Ministry for Energy said on Tuesday it is planning to cancel the tender for its new power reserve capacity due to high costs.
• Spanish hydropower reserves last week edged down to 64.3% of capacity, down from 64.7% of capacity the week prior, marking the third week of declines, despite lower hydropower generation and demand, according to data from Spain’s Environmental Ministry.