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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
Spanish hydropower reserves dipped again to 64.7% of capacity last week (week 23), after dropping to 65.7% of capacity in week 22 as power demand increased in the region, prompting an increase in hydro output, according to data from Spain’s Environmental Ministry.
- Hydro output totaled 703GWh over 3-9 June compared to 584GWh over 27 May- 2 June, according to data from Red Electrica – weighing on hydro stocks.
- In contrast, solar totaled around 1.11TWh over 3-9 June, remaining firm from the cumulative output of 1.2TWh from the week prior.
- And nuclear generation in Spain last week totaled 792GWh compared to 822GWh in week 22.
- Spanish power demand last week was seen peaking at about 706GWh over 6-7 June, with demand between 664-692GWh over 3-5 June compared to a peak of around 676GWh on 30 May (week 22).
- Looking ahead, power demand in Spain is forecast to fall this week, with consumption averaging around 24.6GW compared to 25.9GW the week prior, data from Entso-E show.
- Average temperatures are forecast between about 17.4-21C throughout the two-week forecast period, compared to the seasonal average of about 21C – possibly limiting power demand, the latest ECMWF forecast suggests.
- But maximum temperatures in Madrid are forecast to reach as high as 30C on 14 June and remain at around this temperature until 17 June - likely supporting power demand for cooling.
- Wind output in Spain is forecast at 5.3GW-7.1GW over 12-14 June during base-load hours. Solar PV output is forecast at about 11.51-13GW during peak load over the same period, according to SpotRenewables.
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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