Swiss Hydro Stocks See First Weekly Increase This Year

Switzerland’s hydropower reserves increased by 1.1 percentage points last week to 19.6% of capacity as of 6 May, marking the first weekly increase this year, BFE data showed.

• Stocks narrowed the deficit to the five-year average to 3 percentage points, compared with 3.4 points a week earlier.
• The premium to the long-term average – since 1997 – however, narrowed to 1.2 points, down from 2 points the week before.
• Hydropower generation in Switzerland last week was broadly stable on the week at 2.75GW, as increased output from hydro reservoirs offset lower generation from pumped storage.
• Nuclear generation in Switzerland was also broadly stable last week at 1.53GW, compared with 1.37GW the week prior, amid curtailed output due to spring maintenance.
• Snowpack at the L'Ecreuleuse measuring station in canton Valais – where the majority of Swiss hydropower reserves are stored was at 350cm as of 15 May, down from 377cm a week earlier.
• The latest weather forecast for Sion – canton Valais – suggested mild temperatures with precipitation this week, likely to boost snowmelt and support inflows into reserves.
• The Swiss June base-load power contract settled yesterday at €59/MWh, at a €6.89/MWh discount to the German equivalent and a €18.16/MWh premium to the French market.