Power Summary at European Close: Spain M1 Rebounds on Gas, Emissions

The Spanish front-month baseload power contract is trading higher towards the end of Thursday’s session, rebounding from its four-session downward trend to follow price increases in both the TTF and EU ETS markets. Germany and France are also holding on to gains amid higher prices in the energy complex.

• Spain Base Pwr M1 up 4.19% at €49.01/MWh.
• France Base Pwr M1 up 4.61% at €39/MWh.
• Germany Base Pwr M1 up 2.50% at €66.85/MWh.
• Nordic Base Pwr M1 up 6.17% at €34.60/MWh.
• TTF Gas M1 up 3.28% at €30.710/MWh.
• Rotterdam Coal M1 up 3.1% at $111.15/t.
• EUA DEC 24 up 1.9% at €70.80/t CO2e.
• In Madrid, the mean temperature is forecast to drop as low as 14C on 27 May - 5 degrees below the 30-year norm, according to Bloomberg.
  
• Renewable generation in Spain has fallen to its lowest level so far in May at around 7TWh, down from 13.4TWh in April, according to Spanish TSO Red Electrica.
• Closer in, Spanish solar output is expected at load factors between 21-25%, 5.3-6.4GW, over 17-19 May and is then forecast between 19-22% load factors, or 4.9-5.6GW over 20-22 May.
• Germany’s 960MW He Dreiht offshore wind farm has inched closer to the completed date set for the end of 2025, according to Renews.biz.
• The German June power base-peak load spread is widening as forecasts for high solar PV output in Germany are pressuring peak-load prices.
• New German solar PV capacity additions slowed to 1.04GW in April, down from 1.26GW in March and the lowest since at least one year, Bnetza data showed.
• The monthly Jao CBC auction for June delivery between Germany and Austria, with offered capacity increasing in both directions.
• The monthly JAO CBC auction for June delivery between Italy and Switzerland, with Switzerland allocating more CBC capacity to Italy on the month.
• Price spreads on the German-French cross-border capacity (CBC) auctions for delivery in June on JAO narrowed from the previous month.
• The cross-border capacity (CBC) auctions for delivery in June on JAO on the France-Italy border closed at a lower price compared to the previous month, data from JAO show.
• Poland’s front-quarter power contract has edged up slightly on Thursday to end a four-session downward trend as European emissions and coal prices are currently up on the day.
• JV to Build 1GW Azerbaijan-Romanian Power Link
• UK Plans New Scottish Nuclear Plant