Power Summary at European Close: CWE, Nordic Remain in Negative Territory

CWE and Nordic front-month baseload power contracts continued to be red at the end of Monday’s trading session as the wider energy complex remained in negative territory amid a sufficient supply of European gas and coal due to forecast for warm temperatures across northern Europe and high renewables.

• France Base Pwr M1 down 10.53% at €43.25/MWh.
• Germany Base Pwr M1 down 4.17% at €66.45/MWh.
• Nordic Base Pwr M1 down 4.28% at €32.40/MWh.
• TTF Gas M1 down 1.45% at €29.595/MWh.
• Rotterdam Coal M1 down 1.3% at $108.25/t.
• EUA DEC 24 down 2.52% at €70.10/t CO2e – an 11-day low.
• France's M1 power base load has plunged, weighed on by losses in the wider European energy complex, forecasts for high renewables output and stable nuclear generation.
• The ongoing maintenance at the 905MW Chinon 4 reactor has been extended by six days until 23 May, Edf remit data showed.
• France's EdF will reduce nuclear generation on Tuesday during peak hours amid forecasts for high renewables output, remit data showed.
• Poland’s June 2024 baseload power contract slid to a two-session low as losses in the EU ETS and API 2 coal markets placed downward pressure. Limited fossil-fired plant maintenance is also expected over the month, with temperatures over the next two weeks forecasted to rise sharply.
• The Slovak government is deciding on Wednesday whether to build another nuclear plant with a capacity of up to 1.2GW, Prime Minister Robert Fico said, cited by Reuters.
• The cross-border capacity auctions for delivery in June on the Joint Allocation Office (JAO) platform on Czech-German, German-France, France-Italy, will start between 14-16 May, although the offered capacity has yet to be released.
• The growing power demand in Norway should be covered with new renewable capacity instead of new nuclear capacity, Kari Ekelund Thorud, incoming head of Hydro Energy told Montel.
• The Danish Energy Agency has set the framework for the 3.8GW Bornholm energy island in Denmark's exclusion economic zone, the agency said today.
• Strong generation from Greek solar power plants has led to several curtailments so far in May due to low demand amid public holidays and grid constraints, according to PV Magazine. This trend could continue from September-November.
• Planned maintenance at Nobian Industrial Chemicals’ 343MW Delesto 2 CHP plant located in Groningen, Netherlands, has been extended by five days until 21 May
• EU member states are planning to ask the bloc for more funding for the expansion of power grids, a draft document showed, cited by Reuters.
• The EC has made recommendations on the design of renewable energy auctions in a bid to harmonise auction design principles and accelerate renewable deployment.