Power Summary at European Close: France July Tracks 19% Weekly Gain

French July power base load is retreating today, amid a downward revision in temperature forecast that is lowering cooling demand expectations and losses in the wider European energy complex. However, the contract is tracking a weekly net increase of almost 19%.

• France Base Power JUL 24 down 4.5% at 48.65 EUR/MWh
• Germany Base Power JUL 24 down 1.6% at 72 EUR/MWh
• EUA DEC 24 down 1.5% at 68.15 EUR/MT
• TTF Gas JUL 24 down 1.5% at 33.95 EUR/MWh
• Rotterdam Coal JUL 24 down 4% at 108.45 USD/MT
• TTF is set for a weekly fall of around 4% on the week amid easing LNG supply risks and continued strong storage levels.
• EU ETS Dec 24 is edging lower today although almost stable compared with last Friday’s close.
• The latest weekly German EUA CAP3 auction cleared lower at €67.36/ton CO2e, down from €68.41/ton CO2e in the previous auction, according to EEX.
• Elia sees the Belgian energy system under pressure in the coming months in times of high renewables generation, high nuclear availability and low demand, The TSO said in its summer outlook.
• Solar output in the Europe has been reduced by up to 20% this week due to Saharan dust reducing clear ski irradiance according to Solcast API, cited by PV Magazine.
• Germany awarded 2.5GW of new offshore wind capacity in the latest tender round from 1 June, Bnetza data showed.
• Power consumption in Italy in May rose by 1.9% to 24.7TWh, while adjusted figures – seasonality, calendar days and weather effects - showed demand was stable on the year, Terna said.
• Italy has awarded 296MW of renewables capacity – solar, wind and hydropower – in the latest tender round that offered a total of around 689MW of capacity according to GSE.
• Nordic July power base-load is retreating with downside from European neighbouring countries and gas prices, while front-quarter prices are holding onto gains amid a warmer, drier weather outlook.
• Finland’s Olkiluoto 3 nuclear reactor is scheduled to return on 5 July in an unplanned outage. The power supply to the plant is limited due to the capacity of Fingrid’s system protection, remit data showed.
• Network outages have caused power outages in Montenegro, Bosnia and Croatia's Adriatic Coast on Friday, Montenegro’s CEDIS said via Facebook.