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POWER: Weekly News Highlights MNI Power Service Part 1/2 Week 2

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See below the weekly news highlights of the MNI power Service for the week 6-10 January. 

  • POWER – EU power demand increased by 1.3%, or 38TWh, on the year in 2024, with low GDP growth, continued higher prices and sluggish industrial output weighing on the bloc’s demand recovery according to ICIS.
  • The EU added 13GW of new power capacity last year – below the 30GW/yr needed to meet 2030 energy targets.
  • Renewables accounted for 59% of Germany’s power generation in 2024, compared with 56% in 2023.
  • German hourly day-ahead prices are expected to be higher in 2025 compared with 2024 after seeing two consecutive years of declines according to ICIS.
  • Germany added almost 20GW of new renewable capacity in 2024, up by 12% on the year, to reach around 190GW of total capacity.
  • Investment Funds positioning in ICE German power futures increase their net short position sharply from the previous week to a fresh high since flipping from a net long position in the week of 29 Nov, according to the latest COT data as of 3 Jan.
  • Wind power accounted for 29% of the UK’s power mix in 2024, overtaking gas-fired generation for the first time, that reached a share of 25.9%.
  • The UK has surpassed Germany as Europe’s largest EV market, with a 21% surge in 2024 registrations due to the UK’s sales mandate, while Germany saw a 25% decline amid the removal of purchase incentives.
  • Belgian renewable generation accounted for 29.8% of the country’s power mix in 2024, compared with 28.2% in 2023 and a new record, driven by the country’s solar PV expansion.
  • Finland added 1.414GW of wind power capacity in 2024 – a 10.5% increase compared to volumes added in 2023, with 1.129GW under construction and expected online this year.
  • Fingrid has updated its assessment of electricity sufficiency for the current winter, cautioning that the failure of the 650MW EstLink 2 connection between Finland-Estonia could strain the electricity supply during extremely cold and windless days.
  • Poland is ready to supply Ukraine with more electricity, Minister of Climate and Environment Paulina Hennig-Kloska said.
  • Poland's December 2024 capacity market auction secured over 8GW of commitments for 2029, including 1.5GW from foreign entities, with total contracts for 2029 now reaching 20.36GW.
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See below the weekly news highlights of the MNI power Service for the week 6-10 January. 

  • POWER – EU power demand increased by 1.3%, or 38TWh, on the year in 2024, with low GDP growth, continued higher prices and sluggish industrial output weighing on the bloc’s demand recovery according to ICIS.
  • The EU added 13GW of new power capacity last year – below the 30GW/yr needed to meet 2030 energy targets.
  • Renewables accounted for 59% of Germany’s power generation in 2024, compared with 56% in 2023.
  • German hourly day-ahead prices are expected to be higher in 2025 compared with 2024 after seeing two consecutive years of declines according to ICIS.
  • Germany added almost 20GW of new renewable capacity in 2024, up by 12% on the year, to reach around 190GW of total capacity.
  • Investment Funds positioning in ICE German power futures increase their net short position sharply from the previous week to a fresh high since flipping from a net long position in the week of 29 Nov, according to the latest COT data as of 3 Jan.
  • Wind power accounted for 29% of the UK’s power mix in 2024, overtaking gas-fired generation for the first time, that reached a share of 25.9%.
  • The UK has surpassed Germany as Europe’s largest EV market, with a 21% surge in 2024 registrations due to the UK’s sales mandate, while Germany saw a 25% decline amid the removal of purchase incentives.
  • Belgian renewable generation accounted for 29.8% of the country’s power mix in 2024, compared with 28.2% in 2023 and a new record, driven by the country’s solar PV expansion.
  • Finland added 1.414GW of wind power capacity in 2024 – a 10.5% increase compared to volumes added in 2023, with 1.129GW under construction and expected online this year.
  • Fingrid has updated its assessment of electricity sufficiency for the current winter, cautioning that the failure of the 650MW EstLink 2 connection between Finland-Estonia could strain the electricity supply during extremely cold and windless days.
  • Poland is ready to supply Ukraine with more electricity, Minister of Climate and Environment Paulina Hennig-Kloska said.
  • Poland's December 2024 capacity market auction secured over 8GW of commitments for 2029, including 1.5GW from foreign entities, with total contracts for 2029 now reaching 20.36GW.