Power Summary at European Close: France July Slides

France July power base load has extended losses throughout the afternoon to fall to the lowest since 5 June, weighed on by lower European gas prices and bearish fundamentals with stable nuclear availability, high solar PV output and high hydropower stocks. Rising temperatures from the last week of June, however, are keeping a lid on losses amid expectations for higher cooling demand.

• France Base Power JUL 24 down 6.9% at 37.8 EUR/MWh
• Germany Base Power JUL 24 down 3.5% at 73.27 EUR/MWh
• EUA DEC 24 up 0.1% at 68.35 EUR/MT
• TTF Gas JUL 24 down 2.8% at 34.375 EUR/MWh
• Rotterdam Coal JUL 24 down 1% at 110.75 USD/MT
• TTF front month has been holding onto losses today amid forecasts for milder weather, after the recent artic winds boosted unseasonable heating demand in NW Europe. Downside is limited by supply risks from LNG competition from Asia and increased purchases from Egypt combined with curtailed Norwegian supplies and risks to Russian flows.
• EU ETS Dec 24 are struggling to find a clear direction today, while prices are holding at the lowest since 2 May. The latest EU ETS CAP3 EU auction cleared at €66.66/ton CO2e on Monday, down from €69.77/ton CO2e in the previous auction held on 13 June, and the lowest level since 30 April, according to EEX.
• Very hot temperatures in western Europe are only likely to materialise at the end of the summer or in eastern Europe, Atmospheric G2 said, cited by Montel.
• The planned maintenance at Onyx’ 472MW Zolling hard-coal plant in Germany has been extended until 2 July, from 18 June previously scheduled, due to damage to the fresh air fan, remit data showed.
• Workers at France's EdF will launch a 24h industrial action starting Wednesday 09:00PM CET, EdF said, which could significantly reduce the company’s nuclear and hydropower generation, depending on the scale of the strike action.
• EdF has extended planned maintenance at the 1.33GW Paluel 2 reactor by two days until 19 June, remit data showed.
• The planned maintenance at the 445MW Doel 1 nuclear reactor in Belgium has been shortened to conclude on 22 June, from 28 June previously scheduled, remit data showed.
• The lifetime of Sweden’s Forsmark and Ringhals nuclear reactors is likely to be extended to 80 years, from 60 years previously, up until after 2060, Vattenfall said.
• Spain’s Iberdrola has received environmental approval for the construction of a 274MW onshore wind farm in Portugal’s districts of Vila Real and Braga, the firm said.