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

CWE October power futures are tracking a weekly net increase, amid gains in the wider energy complex, while cooler weather is expected to boost some heating demand in the region. Nordic Oct power is rising today amid a downward revision in hydrobalances in Sweden and Norway. 

• Nordic Base Power OCT 24 up 3.5% at 29.5 EUR/MWh
• France Base Power OCT 24 up 0.1% at 61.91 EUR/MWh
• Germany Base Power OCT 24 down 1% at 79.25 EUR/MWh
• EUA DEC 24 down 1.3% at 65.67 EUR/MT
• TTF Gas OCT 24 down 1.3% at 37.4 EUR/MWh
• TTF is tracking a weekly net increase with curtailed pipeline flows, cooler weather and Middle East Risks. Speculation surrounding scenarios for future transit gas via Ukraine has added downside pressure.
• EU ETS Dec24 is pulling back today but tracking a weekly net increase supported by gains in natural gas markets, while the 30 September submission deadline may encourage some last-minute buying.
• The latest weekly German EUA CAP3 auction increased on the week and cleared at €65.45/ton CO2e, compared with the previous auction at €63.18/ton CO2e.
• ACER has approved a proposal by NEMOs to amend the single day-ahead coupling (SDAC) – adding 15-minute Market Time products into the SDAC.
• The planned maintenance at the 1.5GW Chooz 2 nuclear reactor has been shortened by two days to 28 September.
• UK power network operators have cut 10GW of stalled “zombie” energy projects in a bid to increase the connection process.
• TVO’s 890MW Olkiluoto 2 nuclear power plant will resume reduced power production of 725MW from 6 October, following an incident on 9 September.
• Sweden will start construction on a new nuclear reactor before the next legislative election in 2026, Prime Minister Ulf Kristersson stated.
• Romania’s government has published a roadmap for 7GW of offshore wind capacity off the country’s coast.