POWER: Greece Eyes Retroactive Compensation for Renewable Curtailments
Oct-23 09:13
The Greek Ministry of Environment and Energy is finalising a new compensation mechanism to offset financial losses from renewable production cuts, aiming to apply the measure retroactively, according to the government, cited by Energy Press.
- Under current legislation, retroactivity could extend back to 1 January 2025.
- A ministerial decision on the mechanism is expected before the end of the year.
- The mechanism aims to stabilise revenues for renewable energy producers, ensure market fairness, and support continued investment in Greece’s clean energy transition.
- The measure comes amid mounting concern from RES producers as curtailments rose sharply in 2025, with system-wide cuts exceeding 15% between January and August.
- Solar parks faced reductions of 7–10%, smaller solar systems 4–5%, and wind farms around 4–5%, up from 2% last year.
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GILT AUCTION RESULTS: Soft 30-year auction
Sep-23 09:08
- That's a soft 30-year gilt auction result. The lowest accepted price of 98.301 was way below the 98.461 price seen just before the bidding window closed and resulted in the 1.4bp tail.
- Immediate reaction in the 5.375% Jan-56 gilt with the price falling to 98.208 at writing (yield 1.5bp higher than pre-auction window closing).
- 10s30s curve steepened 0.7bp.
- Gilt futures fall from 91.02 to below 90.90 at the time of writing. To put this into context - this is the same magnitude move seen (in reverse) in the few minutes following the soft PMI data this morning.
- GBP FX dropping a couple of pips bit nothing notable yet.
RIKSBANK: Thedeen: CPIF ex energy and food VAT Looks Steady Around 2%
Sep-23 09:06
The Riksbank press conference (in Swedish) has started. Link
- Thedeen notes that when excluding energy and the food VAT policy, underlying CPIF inflation is steady at/just below 2%.
- He re-iterates the factors that contributed to the high summer inflation readings (basket effects, seasonal prices), noting that these appear to have been temporary.
GILT AUCTION RESULTS: 5.375% Jan-56 gilt
Sep-23 09:03
| 5.375% Jan-56 Gilt | Previous | |
| Amount | GBP1.50bln | GBP4.00bln |
| Avg yield | 5.476% | 5.405% |
| Bid-to-cover | 3.07x | |
| Tail | 1.4bp | N/A |
| Avg price | 98.506 | 99.566 |
| Low price | 98.301 | |
| Pre-auction mid | 98.461 | |
| Previous date | 20-May-25 |
