Summary At European Close: France July Rallies, CWE Falls

French front curve power contracts rallied for the second consecutive session today, amid forecasts for hotter weather that is likely supporting cooling demand, while further strike action could disrupt supplies in the coming months.

• France Base Power JUL 24 up 7.6% at 50.56 EUR/MWh
• Germany Base Power JUL 24 down 3.3% at 73.01 EUR/MWh
• EUA DEC 24 down 1.6% at 69.18 EUR/MT
• TTF Gas JUL 24 down 2.9% at 34.325 EUR/MWh
• Rotterdam Coal JUL 24 down 0.3% at 113.05 USD/MT
• Front month TTF is struggling to find a clear direction today with the restart of domestic supply of the Wheatstone LNG facility weighing on prices, while potential supply risks and Asian LNG demand are supportive.
• Australia’s Wheatstone facility aims to begin ramping supply to the natural gas domestic market on June 22, according to an AEMO notice cited by Bloomberg.
• EU ETS Dec24 are also trading higher today, but small losses in European gas prices are limiting gains. The latest EU ETS CAP3 EU auction cleared at €68.61/ton CO2e, up from €66.97/ton CO2e in the previous auction according to EEX.
• Germany ended talks with TenneT for a potential takeover of the German business of the TSO due to budgetary challenges according to a statement.
• Uniper announced to recommission the 160MW Happurg pumped storage plant in Bavaria, Germany, after the plant was mothballed in 2011 due to safety reasons, the utility said.
• Germany’s PNE launched a tender for long-term PPAs for 300GWh/yr of renewable energy for German industrial consumers, the firm said.
• France’s EdF has curtailed nuclear output by around 1GW and hydropower generation by 280MW amid strikes, remit data showed.
• France’s Rassemblement National party is threating France’s green ambitions if will get elected at the next French snap election.
• France again increased its CBC capacity in the direction of Belgium in the latest CBC auctions for delivery in July on the Joint Allocation Office (JAO).
• Switzerland has set its winter power capacity reserve at 300GWh (-/+ 100GWh) for winter 2024/25 in order to ensure security of supply, the BFE said.
• The restart of Vattenfall’s 1.17GW Forsmark 3 nuclear is currently scheduled for 25 June, however, the restart is uncertain due to a valve problem according to remit data.