Power Summary: DE, Iberia M1 Falls on Gas; Nordics, FR continue to Resists

The German and Iberian power front-month baseload contracts have held onto losses towards the end of Friday’s session as price falls in the energy complex have weighed, while the Nordic and French equivalents remained higher amid a sustained Norwegian negative hydrological balance and high temperatures in France.

• Nordic Base Power AUG 24 up 7.1% at 28.38 EUR/MWh at 15:45 BST.
• Spain Base Power AUG 24 down 0.5% at 75.75 EUR/MWh
• Italy Base Power AUG 24 down 0.6% at 100.1 EUR/MWh
• France Base Power AUG 24 up 3.2% at 47.2 EUR/MWh
• Germany Base Power AUG 24 down 0.9% at 69.61 EUR/MWh
• EUA DEC 24 down 0.6% at 66.03 EUR/MT
• TTF Gas AUG 24 down 2.9% at 31.715 EUR/MWh
• Rotterdam Coal AUG 24 up 1% at 108.95 USD/MT
• TTF is extending its losses from midday as a gradual build of gas in store and muted demand outweigh supply risks for the Norwegian outages and the slow return of the Freeport LNG export terminal.
• EU ETS Dec 24 remains red as falls in TTF are weighing, while the latest German EU ETS CAP3 EU auction cleared at €64.73/ton CO2e from €67.06/ton CO2e in the previous auction according to EEX- possibly adding downward pressure.
• The latest month-ahead ECMWF weather forecast for Paris still suggest mean temperatures over 8-31 August to be above the 30-year norm of around 18-21C and ranging between 19.2- 21.07C.
• EdF's 915MW Cruas 4 nuclear unit will curtail capacity to just 10MW over 19-23 July, latest remit data show.
• Electricity consumption in the European Union is forecasted to grow by 1.7% on the year in 2024 as economic conditions improve, with wind and solar PV generation is set to exceed fossil-fired output in 2024, the IEA said.
• The Danish Energy Agency has adopted the plan for the 0.8-1.2GW Hesselo offshore wind farm in the Danish economic zone, with the site moving south to make the project more suitable, it said.
• Norway could “technically” install around 87GW of PV on buildings, with 31GW feasibly able to be connected to the Norwegian grid, data from Multiconsult show, cited by PV Magazine.
• The Polish government will launch its sixth tender between 2 September-20 December for support for domestic PV and battery storage prosumers, with around PLN400mn (€93.3mn) available, it said, cited by ISBnews.