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Power Summary at European Close: CWE Rallies on Energy

POWER

German front-month power base load is trading higher today, rising to the highest since early June, amid a rally in European gas prices and carbon allowances due to increasing Middle East tensions. The French front-week power base-load contract is rallying amid forecasts for hot weather and low wind output, and nuclear disruptions, while gains in the energy complex are also adding upside.

    • France Base Power SEP 24 up 8.6% at 62.25 EUR/MWh
    • Germany Base Power SEP 24 up 4.2% at 87.43 EUR/MWh
    • EUA DEC 24 up 2.8% at 71.17 EUR/MT
    • TTF Gas SEP 24 up 2.8% at 36.88 EUR/MWh
    • Rotterdam Coal SEP 24 up 3.4% at 120.75 USD/MT
  • Font-month TTF is holding at the highest since 3 June supported by increased geopolitical risks in the Middle East while warm weather adds to cooling demand in Europe and LNG competition from Asia.
  • Hezbollah Leader-Battle w/Israel 'Has Entered New Phase': Wires carrying comments from Hezbollah leader Hassan Nasrallah amid heightened tensions in the Middle East. Says that the 'battle with Israel has entered a new phase', and that Israel 'does not know who what extent it has crossed the red lines'. Nasrallah says that the Israeli response to any Hezbollah attack will determine if war escalates.
  • EU ETS Dec24 has risen to the highest since 8 July today with support from natural gas prices.
  • December 2024 auctions are at 3,287,500 EUA for the EU CAP3 Auction, up from 3,035,500 EUA in the same period in 2023 but below the preliminary volumes of 4,427,000 EUA.
  • France’s EdF may reduce production at the 2.62GW Golfech nuclear complex until 10 August, from 9 August previously scheduled, due to high temperatures on the Garonne river.
  • German utility Steag has asked for its 460MW Herne 4 coal-fired power plant to leave the market by this month – earlier than expectations for March 2025 – with the unit expected to be put in reserve, it said.
  • Italian hydropower reserves extended the previous week’s decline to fall to 3.73TWh as of the end of calendar week 30, narrowing the premium to the five-year average.
  • The planned maintenance at Fortum’s 507MW Loviisa Block 2 nuclear reactor will start one day later on 4 August, remit data showed.
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