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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
POWER
Spain’s hydropower reserves continued their descent last week (week 28) to 60.4% of capacity down from 61.8% of capacity the week before amid a rise in demand, according to data from Spain’s Environmental Ministry.
- Average Spanish hydropower output from its water reservoir sources last week increased by 102MW on the week to 1.74GW.
- Nuclear generation last week averaged 6.58GW – down from 6.98GW in the previous week – reducing baseload capacity in the region and weighing on hydro stocks.
- Average solar PV output increased to 9.10GW, from 8.53GW in the week prior. But onshore wind output averaged 5.23GW compared to 6.12GW in week 27.
- Gas-fired generation last week increased by around 980MW to 4.65GW.
- Spain’s average power demand last week rose sharply to 28.13GW from 26.97GW the week before.
- Looking ahead, the latest 6-10 days ECMW operational forecast suggested max temperatures in Madrid are anticipated to soar to 40.9C on 19 July and are forecast to remain between 37-40.9C over 17-25 July – which could spur cooling demand and weigh on hydro stocks.
- The hydro-intensive region of Huesca has seen little precipitation so far this week and has remained in line with the seasonal norm of about 0.2mm. However, precipitation is forecast to pick up on 21 July to reach 1.85mm.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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