Swiss Hydro Stocks Continue to Increase

Swiss hydropower reserves last week increased by 3.6 percentage points last week to 79.4% of capacity, widening the premium to the five-year average to the highest since the second week of January, BFE data showed.

• Stocks increased by 4.6 points the week prior.
• Reserves in Graubunden, however, declined to 85.05% of capacity last week, down from 85.51% of capacity the week before. Reserves in all the remaining regions increased.
• The surplus to the five-year average widened to 9.5 points, up from 8.7 points the week before and the highest since 8 January.
• However, the surplus to the long-term average – since 1997 – narrowed to 9.8 points, down from 10.3 points the week prior.
• Swiss power demand last week stood at an average of 6.53GW, broadly unchanged from 6.55GW in the week prior.
• Hydropower generation in Switzerland last week declined by 169MW on the week to 4.48GW.
• Nuclear generation in Switzerland was broadly stable on the week at 2.86GW.
• Forecasts suggested precipitation in Sion – in the hydro-intensive canton of Valais – stood below normal levels for most of the week but picked up at the end of the week to reach 21.8mm on 21 July – which supported inflows into reserves.
• Forecasts for this week suggested little precipitation – below the seasonal normal.
• Snowpack at the L'Ecreuleuse measuring station in canton Valais – where most Swiss hydropower reserves are stored – has mostly melted to stand at 4cm as of 24 July.
• The Swiss August power base-load contract last traded at €49.50/MWh as of 02:33PM BST.