POWER: EU End of Day Power Summary: CWE, Nordics Feb Power Rise
Jan-07 16:33
CWE front-month power futures are holding onto gains with forecasts for cooler weather and gains in EU gas prices. Nordic front-month power futures ended the session higher amid drier and cooler weather.
- Nordic Base Power FEB 26 up 1.8% at 69.38 EUR/MWh
- Germany Base Power FEB 26 up 0.8% at 98.88 EUR/MWh
- France Base Power FEB 26 up 1.5% at 73.6 EUR/MWh
- EUA DEC 26 down 0.2% at 87.92 EUR/MT
- TTF Gas FEB 26 up 1.6% at 28.53 EUR/MWh
- TTF has risen amid ongoing concern for cold winter weather and increasing gas storage withdrawal rates. Front month remains below a high of Є29.075/MWh last week.
- EUAs Dec26 are edging down, weighed by downward pressure in TTF after both contracts reached their intraday highs in the morning.
- The unplanned outage at 905MW Chinon 4 has been extended on 8 January 08:00CET from 7 January 20:00 CET.
- Investment Funds' net short positioning in ICE German power reached their highest since end of August 2025, while Investment Firms increased their net long position for the third week.
- Snowfall has been weighing on German solar PV generation in recent days.
- UK nuclear output averaged around 3.89GW over January-December 2025, down by around 11%, or 470MW, compared to the same period in 2024, with CCGT output rising by around 7% on the year to fill the gap.
- The 585MW Heysham 12 nuclear reactor in the UK has shortened works to 12 January from 16 January.
- Spanish hydropower reserves in calendar week 1 slowed the pace of their rise, climbing by 0.3 percentage points to 56.6% of capacity to start 2026 well above levels for the same week in 2025.
- Spain’s Miteco has launched a €212mn program to upgrade state ports for offshore wind and marine renewable energy, with applications open from 28 January- 3 March 2026.
- Italian gas-fired power generation increased by around 862MW year on year in 2025 to average 11.55GW, despite a slight decline in power demand and higher solar generation.
- Emirates Islamic has provided $500mn (€427mn) in structured financing to Mass Group Holding to build a 1.7GWh gas-fired power plant in Romania, with electricity generation expected to start in 1Q26.
- The Polish government on Wednesday adopted draft amendments to the energy law aimed at introducing a new, transparent and equitable process for obtaining grid connection conditions.
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FED: US TSY 26W BILL AUCTION: HIGH 3.580%(ALLOT 82.34%)
Dec-08 16:32
- US TSY 26W BILL AUCTION: HIGH 3.580%(ALLOT 82.34%)
- US TSY 26W BILL AUCTION: DEALERS TAKE 29.72% OF COMPETITIVES
- US TSY 26W BILL AUCTION: DIRECTS TAKE 10.34% OF COMPETITIVES
- US TSY 26W BILL AUCTION: INDIRECTS TAKE 59.94% OF COMPETITIVES
- US TSY 26W BILL AUCTION: BID/CVR 3.01
FED: US TSY 13W BILL AUCTION: HIGH 3.650%(ALLOT 31.80%)
Dec-08 16:32
- US TSY 13W BILL AUCTION: HIGH 3.650%(ALLOT 31.80%)
- US TSY 13W BILL AUCTION: DEALERS TAKE 39.89% OF COMPETITIVES
- US TSY 13W BILL AUCTION: DIRECTS TAKE 8.15% OF COMPETITIVES
- US TSY 13W BILL AUCTION: INDIRECTS TAKE 51.97% OF COMPETITIVES
- US TSY 13W BILL AUCTION: BID/CVR 2.73
NETHERLANDS: Informateur Backs Centre/Centre-Right Talks; Centre-Left Excluded
Dec-08 16:23
Reuters reports that, according to informateur (lead negotiator) Sybrand Buma, the progressive Democrats 66 (D66), centrist Christian Democratic Appeal (CDA), and centre-right People's Party for Freedom and Democracy (VVD) have been advised to start talks on the formation of a possible governing coalition. VVD leader Dilan Yesilgöz said the three parties sitting down marked an "interim step", but that there was still work to do. The three parties would together hold 66 seats in the 150-member House of Representatives, short of the 76 required for a majority.
- Buma did not recommend the inclusion of the centre-left GreenLeft-Labour Party (GL-PvdA) in the coalition talks. This drew an angry reaction from party leader Jesse Klaver, who claimed the VVD was being 'rewarded' for its 'blockade' in opposing the GL-PvdA joining the coalition. Yesilgöz has said her preference would be for the right-wing conservative JA21 to join the coalition. This would give the gov't 75 seats, one short of a majority.
- Telegraaf: "According to [D66 leader Rob Jetten], the past few weeks have shown that there is no "logical" route to a cabinet. "This requires maximum creativity and responsibility from everyone." As far as Jetten is concerned, the talks are now proceeding at a rapid pace, with an emphasis on finding "a solution that can fly"."
- Buma's final report on potential coalition options and negotiations is due to be presented tomorrow (Tuesday, 9 Dec).
Chart 1. House of Representatives after 2023 Election (LHS) and 2025 Election (RHS), Seats
Source: Tweede Kamer, MNI
