POWER: End of Day Power Summary: CWE Holds Onto Losses

 The German and French front month futures have held on to losses from the midday session as the TTF equivalent remained red, with losses in emissions adding further downward pressure The FR-DE February discount has rebounded from the previous session to be at €9.91/MWh at the time of writing and sharply up on the week.

• Nordic Base Power FEB 25 up 2.3% at 33.76 EUR/MWh
• France Base Power FEB 25 down 2.6% at 97.49 EUR/MWh
• Germany Base Power FEB 25 down 2.3% at 107.4 EUR/MWh
• EUA DEC 25 down 1.4% at 79.15 EUR/MT
• TTF Gas FEB 25 down 2.6% at 48.725 EUR/MWh
• Rotterdam Coal FEB 25 down 3.1% at 109.5 USD/MT
• TTF prices have extended losses from midday as supply concerns eased. Temperatures in Northwest Europe are forecasted to remain above seasonal averages, while the redirection of LNG vessels from Asia to Europe has helped offset the impact of sustained strong storage withdrawals.
• EU ETS Dec 25 has tracked losses in TTF and European coal, with above seasonal temperatures in NW Europe and higher wind on the week, specifically, Germany potentially weighing on fossil-fired generation.
• UKA ICE auction cleared at £31.20/ton CO2e today, compared with the previous auction on 8 January at £32.80/ton CO2e.
• UK wind generation plummeted to its lowest level since 2015 at around 0.22GW, or about 1% of the UK power supply on 22 January, triggering a surge in intraday power prices above £600/MWh as reliance shifted to costlier gas-fired power.
• The unplanned outage at EdF’s 660MW Heysham reactor in the UK has been extended one day until 23 January 13:30GMT.
• Temperatures across Europe through July are expected to be 0.9C above the 30-year average due to the North Atlantic Oscillation pattern.
• Belectric has secured a contract to build the 189MW Eekerpolder solar farm in the Netherlands, with completion set for 2026.
• Nordic hydropower reserves continued their downward trend in week 3, albeit slowing sharply from the previous week, to be at 72.5% capacity, 92.06TWh as lower rainfall dented stocks, however, a fall in demand on the week coupled with firm nuclear generation relieved some pressure – leading to the on-year surplus rising sharply.
• PGE has advanced its 263MW BESS in Poland, by selecting LG Energy as the general contractor for the €330mn project.
• Axpo has signed a pay-as-produced PPA to purchase around 60MW of power from solar PV plants in Hungary