POWER: EU End of Day Power Summary: CWE, Nordics Rise W/W

CWE front-month power futures are trading higher today, on track for a week-on-week increase, supported by gains in the energy complex. Nordic January power has also risen on the week on forecasts for a drier, cooler outlook and lower nuclear availabilities. 

• Nordic Base Power JAN 26 up 3.2% at 65.05 EUR/MWh
• Germany Base Power JAN 26 up 1.2% at 103.07 EUR/MWh
• France Base Power JAN 26 up 1.1% at 72.82 EUR/MWh
• EUA DEC 25 down 0.2% at 83.7 EUR/MT
• TTF Gas JAN 26 up 3% at 27.6 EUR/MWh
• TTF front month has risen to the top end of its weekly range of €26.5/MWh to €27.7/MWh, amid cooler temperatures towards the end of December and into January, though temperatures are still seen above-normal for the majority of December.
• EUAs Dec25 are edging down today from the highest level since October 2023 in the previous session but remain on track for weekly gains of about 2%, supported by persistent bullish sentiment ahead of tightening supply in 2026.
• The EU installed 65.1GW of PV capacity in 2025, a 0.7% drop on the year, with projections now putting 2030 capacity at 718GW, short of the 750GW target, despite reaching 406GW of total capacity this year.
• EdF operations may be disrupted as workers launch a 24-hour strike from Monday evening, following a notice issued for 15–16 December.
• France’s nuclear regulator ASNR has cleared EdF’s 1.6GW Flamanville 3 nuke to boost output beyond 80% of its rated power, allowing the long-delayed reactor to continue ramp-up tests toward full operation.
• Ireland has lifted its de facto ban on new data centre grid connections in Dublin, allowing new projects to proceed if they can meet their own power needs and support the grid.
• Nordic spot prices are likely to be supported next week (week 51) as forecasts point to revised lower and cooler temperatures – albeit remaining above the seasonal average. Lower nuclear availability and a weakened hydro balance in Sweden are likely to weigh on Nordic reservoir levels and increase supply risk.
• Statnett has been fined NOK 1.5mn (€130,000) after failing to promptly disclose a major 1.44GW NordLink outage, a delay that regulators say undermined transparency in the power market.
• Planned works on the 723MW NorNed power link between Norway-Netherlands will occur on 15 December, with the unit fully disconnected for around 10Hrs.