POWER: End of Day Power Summary. CWE Power Futures Hold Onto Losses
German April power is edging up on the week, despite a pullback today, after EU gas prices reversed initial gains, while forecasts for windier and warmer weather are also weighing. French front-month power futures are stable on the week.
- France Base Power APR 25 down 2.3% at 55.59 EUR/MWh
- Germany Base Power APR 25 down 1.9% at 81 EUR/MWh
- UK Base Power Apr 25 down 0.8% at 89.03 EUR/MWh (BFV)
- EUA DEC 25 down 2.2% at 71.42 EUR/MT
- TTF Gas APR 25 down 0.8% at 42.53 EUR/MWh
- Rotterdam Coal APR 25 up 1.1% at 98.4 USD/MT
- TTF has reversed gains at open through the day as mild weather at the end of the season reduces pressure on storage withdrawals. A strike on gas infrastructure in Sudzha reduced prospects of increased Russian gas through Ukraine, supporting TTF at open.
- Dec25 EUAs are pulling back today with EU gas removing earlier gains and heightened volatility amid next week’s options expiry.
- EdF is planning to halt several nuclear power plants (4.6GW) for modulation from Friday until Sunday. EdF added modulation maintenance of 1.5GW Chooz 2 this morning.
- The unplanned outage at EdF’s 1.33GW Paluel 3 nuclear reactor has been extended by one day until 23 March 23:00CET.
- The UK government granted approval to the North Lincolnshire Green Energy Park, a waste-to-energy project, that will also integrate hydrogen production, energy storage, carbon capture and recycling.
- Sweden’s electricity imports will rise sharply in the future with increased interconnection to the continent and higher imports, a study commissioned by Ellvio showed.
- The Polish government has approved the Polish “Windmill Act” on Friday which is expected to simplify the expansion of onshore wind power in the country.
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FED: US TSY 17W AUCTION: NON-COMP BIDS $548 MLN FROM $60.000 BLN TOTAL
- US TSY 17W AUCTION: NON-COMP BIDS $548 MLN FROM $60.000 BLN TOTAL
US-CHINA: NYT-'Trump Eyes Bigger, Better Trade Deal With China'
(MNI) London - As noted earlier (see 'CHINA: Trump China Trade Deal Headlines Gelping Pressure USD, Boost Equities', 1546GMT) NYT reports that according to current and former White House officials US President Donald Trump is looking at the potential for a new trade agreement with China. NYT: "Mr. Trump has expressed interest in a deal that would include substantial investments and commitments from the Chinese to buy more American products".
- The article claims that alongside trade talks, Trump would also look to discuss major geopolitical and security subjects such as nuclear weapons in face-to-face meetings with Chinese President Xi Jinping.
- NYT: "Advisers and analysts say the governments would have to overcome many obstacles to reach a deal, and that the Trump administration has not yet settled on what it wants from China. "
- The stance of China on any such overtures will be in question. There is likely to be notable wariness from Beijing given the Trump administration's inclination to shift its stance at short notice. NYT: "It’s not clear what the Chinese would ask for in return, though many analysts believe Mr. Xi would try to get relief from some of the tariffs Mr. Trump has imposed on the country, as well as export controls that have limited China’s access to advanced technology."
- Taking a more cooperative stance on China, while assailing the US' erstwhile allies in Europe with threats of tariffs and drawing down defence commitments, comes in line with the more 'transactional' policy expected under the Trump administration.
FOREX: Dollar Bounce Erases China Deal-Tied Weakness Phase
The dollar reverses course (again) to wholly erase the China trade deal weakness and pressure EUR/USD, GBP/USD and others to new daily lows. Trump's post on Zelensky likely the driver here, as the President quite clearly outlines his dissatisfaction with the Ukrainian President, and with Trump due to meet Putin as soon as next week for peace talks, the market clearly taking this as an insight into how the conversation with Russia could go.
- EUR/USD has now comfortably broken through the earlier lows, hitting 1.0412 in the process. Move follows possible USD positive flow through the WMR fix, which also coincided with Trump's Truth Social post.
