POWER: EU End of Day Power Summary: German, French Power Diverge, Nordics Fall

German front-month power futures are rangebound with gains in EUAs and slightly lower gas prices, while French front-month power futures are on track to settle down on the day for the fourth consecutive session. Nordic front-month power settled slightly lower on the day after rising to the highest since 31 March in Tuesday’s session. 

• Nordic Base Power JUN 25 down 1.6% at 25 EUR/MWh
• France Base Power JUN 25 down 7.5% at 23.54 EUR/MWh
• Germany Base Power JUN 25 up 0.6% at 74.5 EUR/MWh
• EUA DEC 25 up 2.7% at 71.17 EUR/MT
• TTF Gas JUN 25 down 0.8% at 34.45 EUR/MWh
• TTF has edged lower as rising feedgas to US LNG export terminals today offset some supply risks amidst Norwegian maintenance.
• EUAs Dec25 are rising and returning to the €70 level for the first time since late April, tracking EU gas upticks in the morning, while carbon held steadily in the afternoon despite gas erasing gains.
• Investment Funds positioning in ICE German power futures reduced their net short positioning to the lowest since 27 December 2024.
• EEX European power markets in April achieved 825.87TWh in traded volumes, marking a 14% year-on-year increase, driven by significant gains in Italian, UK and CSEE volumes.
• The planned maintenance at the 500MW East-West Interconnector cable between Ireland and Great Britain has been extended by one week until 9 May.
• Italian hydropower reserves last week increased for the fifth consecutive week by 0.1TWh to 2.4TWh, while retaining a surplus to the five-year average.
• Spanish hydropower reserves last week increased by 0.6 percentage points to 77% of capacity, marking the tenth consecutive increase and a new 2025 high.
• Portugal will resume importing electricity from Spain at a reduced capacity of 1 GW—down from the pre-blackout level of 2.7 GW—as REN cautiously reinstates cross-border flows following the blackout
• Construction of the 1.2GW EDU II nuclear project in the Czech Republic will be delayed by “several months” after a court temporarily blocked the signing of a reactor contract.
• Litgrid is deploying a new technology that could allow for an average increase of 52% of transmission capacity, enabling greater integration of renewables.
• Croatia and the US have discussed a potential cooperation in the development of nuclear energy in Croatia with particular focus on SMRs.
• Greece faces a growing challenge in balancing its expanding renewable energy with grid stability, as solar and wind output often exceeds demand, increasing blackout risks.