POWER: EU End of Day Power Summary: CWE, Italy January Power Rebound

CWE and Italian January power futures have rebounded to trade higher on the day, partly due to a recovery in EU gas prices. Nordics January power settled lower with an upward revision in hydro balances and hydro stocks slightly widening the surplus to the ten-year average. 

• Nordic Base Power JAN 26 down 1.1% at 61.4 EUR/MWh
• France Base Power JAN 26 up 4.8% at 70.5 EUR/MWh
• Germany Base Power JAN 26 up 0.8% at 100.71 EUR/MWh
• Italy Base Power JAN 26 up 1.1% at 114.18 EUR/MWh
• EUA DEC 25 down 0.1% at 81.77 EUR/MT
• TTF front month is slightly higher as the market monitors limited signs of progress towards a Ukraine peace deal and digests EU plans to phase out Russian gas imports.
• EUAs Dec25 are struggling to find a clear direction on Wednesday, after late morning gains following the CoT report showing funds increased bullish bets to an all-time high.
• Investment Funds' net short positioning in ICE German power rose to their highest since 26 September.
• Germany is facing a power supply gap of 10-24GW in 2030 during peak-demand periods.
• Germany’s association for industrial energy (VKI) is urging the government to return reserve power plants to the wholesale power market to mitigate short-term price spikes.
• Germany’s latest rooftop solar PV and solar PV on noise barriers tender with deadline 1 October received 140 bids for 310MW of capacity, compared with 283MW of offered capacity.
• The latest German biomass tender with 1 October deadline was oversubscribed with 807 bids submitted for 940MW of capacity, compared with 813MW of offered capacity.
• Planned maintenance at the 2GW IFA power interconnector between the UK and France has been extended by one day to end on 4 December at 16:00 UTC.
• EdF has removed the Cruas 1 nuclear reactor from the corrosion plan for 2025.
• Norway’s electricity consumption is set to rise by 18TWh through 2030, while new generation adds only 3TWh, pushing the country toward a 5TWh net importer position.
• Nordic hydropower reserves last week declined by 1.9 percentage points to 76.01% of capacity, slightly widening the small surplus to the ten-year average.
• OMV Petrom’s 860MW Brazi gas-fired power plant in Romania remains offline until 8-9 December due to a local water shortage, with full output expected next week.
• Bulgaria has signed a major contract to build two new nuclear reactors, units 7-8, each with a capacity of around 1GW, at the 1.8GW Kozloduy nuclear complex.