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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
Spanish hydro stocks remained unchanged on the week for the second consecutive week over 13-19 May as domestic hydro output slightly fell week-on-week, with PV and wind output remaining firm, according to data from Spain’s Environmental Ministry.
- Hydro reservoir levels are at 66.3% of capacity at the end of last week – unchanged since 7 May.
- Hydro output edged down to around 718GWh from 722GWh in the previous week, slightly supporting hydro stocks.
- In contrast, wind output picked up to 963GWh from 871GWh in the previous week, with PV generation at 1.09GWh compared to 1.14GWh the week before.
- Hydro output in Spain so far in May is on track to hit a yearly low, totalling 2.06TWh compared to about 4.01TWh in April, data from Spanish TSO Red Electrica shows.
- Spanish power demand is forecast to rise slightly over 20-26 May (this week) to 24.38GW compared to 24.22GW estimated over 13-19 May (week 20), which may weigh on Spanish reservoir levels.
- Demand is then forecast to increase over 27 May-2 June (week 22) to around 24.77GW, according to data from Entso-E.
- But Spanish base-load solar output is forecasted between load factors of 22-24%, or 5.50-6.24GW, over 22-25 May, according to Spot Renewables, which could support hydro reservoir levels.
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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