POWER: EU Mid-Day Power Summary: CWE Tracks Weekly Gains

CWE front-month power futures are tracking a weekly net increase, with France up by above 10% and Germany up by more than 9% on the week, supported by gains in EU gas prices. Nordic February power is tracking a weekly net loss of around 9% with downside from improved hydro balances in the region. 

• Nordic Base Power FEB 25 up 3% at 34.5 EUR/MWh
• France Base Power FEB 25 up 2.4% at 103.01 EUR/MWh
• Germany Base Power FEB 25 up 2% at 112.8 EUR/MWh
• EUA DEC 25 up 0.1% at 80.87 EUR/MT
• TTF Gas FEB 25 down 0.9% at 48.705 EUR/MWh
• TTF is holding within the €48.5/MWh to €50.8/MWh range seen in recent days as falling storage inventories continue to support prices amid tight market risk despite the forecast of mild weather in the coming days.
• EU ETS December 2025 allowances are edging higher, while tracking a weekly net increase of around 2%. Gains in the German power market and a downward revision in forecasts are supportive, while small losses in EU gas with forecasts for ongoing milder weather are adding to the downside.
• The latest weekly German EUA CAP3 auction cleared higher at €78.43/ton CO2e, compared with €77.30/ton CO2e in the previous auction.
• Poland’s Environment Minister Paulina Henning-Kloska highlighted challenges in setting the EU’s 2040 climate target and securing environmental laws due to divisions among member states.
• EdF’s 1.62GW Flamanville 3 nuclear reactor will run with 18MW of capacity until 12:00CET on Friday, before ramping up output to 120MW until 25 January 00:00 CET. After that, the unit will shut down until 2 February 23:00CET.
• Power flows on the 1.45GW VikingLink between the UK-Denmark (Dk1) and the 2.5GW German-Denmark power cable will curtail capacities on 27 January for 18 days.
• Svenska kraftnat will adjust safety margins for critical network elements in capacity calculations, setting them at 3–12% of maximum capacity starting 25 February.
• Portugal awarded 43 projects for a combined capacity of 500MW in the country’s energy storage tender, awarding €100mn.