POWER: Italy January Opens Higher
Dec-12 09:03
The Italian January power base-load contract is opening higher amid price increases in TTF. Temperatures in Rome have been mostly revised higher next month and will be generally above the seasonal norm, which could weigh on heating demand.
- Italy Base Power JAN 26 up 0.1% at 114 EUR/MWh
- Italy Base Power 2Q25 down 0.1% at 107.63 EUR/MWh
- Italy Base Power 3Q25 up 0.8% at 86.68 EUR/MWh
- Italy Power Cal 2026 up 0.5% at 99.82 EUR/MWh
- TTF front month has edged higher on the day but still set for another net decline on the week and near the lowest since April 2024 as mild weather is forecast to continue through mid-month.
- Algeria gas flow to Italy at Mazara is estimated at 41.0mcm/d today compared to an average of 42.8mcm/d over the previous week, Bloomberg shows.
- Italy front-month power/TTF 30-day correlation stood at 0.79 as of Thursday’s close.
- The latest two-week ECMWF weather forecast for Rome suggests mean temperatures have been mixed, with upward revisions over 14-17 December and downward revisions over 12-14 December.
- Temperatures are expected to oscillate above and below the seasonal average throughout the forecast period.
- Mean temperatures in Rome are forecast at 8.82C on Saturday, from 9.05C on Friday and below the seasonal average of 10.2C.
- The PUN index settled at €115.39/MWh for Friday’s delivery, down from €116.92/MWh for Thursday’s delivery.
- Wind output in Italy is forecast between 285MW and 2.42GW during base load on 13-21 December.
- Italian wind output is forecast at 624MW during base load on Saturday, from 712MW on Friday, according to SpotRenewables.
- Italian residential/commercial gas demand is forecast at 127.25mcm/d on Saturday, from 145.1mcm/d the day before, Bloomberg data showed.
- Italy’s hydro balance forecast has revised higher on the day to end at -1TWh on 26 December, compared to -1.16TWh previously estimated, Bloomberg data showed
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GBP: Spot Slips on Growing Political Risk, Underperformance in UK Bonds
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