POWER: Weekly News Highlights MNI Power Service Week 43
Oct-25 12:48
See below the weekly news highlights of the MNI power Service for the week 21-25 October.
- POWER – EdF adjusted its 2024 corrosion plan, removing the 905MW Chinon 2 nuclear reactor from the corrosion risk list.
- French hydropower reserves in calendar week 42 increased by 1.11 percentage points to 88.5% of capacity, marking another 2024 high, RTE data showed.
- Engie has advanced its outright power production hedges for its planned hydropower and nuclear generation in Belgium and France in Q3, with prices falling compared with the second quarter.
- Italy has awarded 433.5MW of capacity in its latest renewable tender round, compared with 296MW in the previous round, GSE said.
- New investments in the UK’s energy infrastructure, including the 3.2GW Sizewell C nuclear power plant, need to be in the “right place” for Centrica to be involved, while the UK government needs to be involved in the nuclear expansion to lower the costs, Centrica CEO Chris O’Shea said.
- The unplanned outage at the 1.12GW Forsmark unit 2 is anticipated to be fully operational just before 26 Oct, after going offline late on 21 Oct.
- European PPA prices saw a significant drop in September, with Pexapark’s EURO Composite falling by 4.2% to €50.08/MWh. While volumes rebounded sharply from August — rising 125% month-on-month to around 1.03GW.
- NATGAS - Investment fund net long positioning in ICE TTF futures is holding at relatively high levels as market focus remains on European winter risks from any unplanned supply disruptions ahead of the first colder weather spell of the season.
- European gas output for power generation is expected to rise to 588TWh by 2027, compared with 530TWh expected for 2024, due to the ongoing coal and lignite phase out, higher demand and better gas margins from 2026 according to ICIS.
- EMISSIONS - The EU Parliament’s environment committee plans to push for more major economies and polluters to contribute to the NCQG at the next COP29 summit next month, according to a draft resolution adopted by 54 votes to 23 on Monday.
- Airlines under the EU ETS are ramping up pre-purchases of carbon allowances to guard against future price increases, as the free allocation of permits is set to end in 2026, according to BNEF.
- The world is currently on track for a temperature rise of 3.1C before the end of the century due to a lack of ambition and climate action by countries over the past three years, the UN said.
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EQUITIES: EU Bank put spread
Sep-25 12:48
SX7E (18th Oct) 135/130ps, bought for 0.25 in 10k.
USD: US Treasuries are finding some demand
Sep-25 12:46
- The Dollar is still in the green against most G10s, while the EUR has now managed to test the 1.1200 handle and the next immediate resistance noted at 1.1202 High Aug 26 and the bull trigger.
- While EURUSD tested a 1.1208 high, it lacked clear upside momentum.
- Nonetheless, continuation higher would open to 1.1234 1.618 proj of the Jun 26 - Jul 17 - Aug 1 price swing.
- The Yen is still the worst performer, down 0.72%, but USDJPY is now some 24 pips of its traded high, again it is taking its cue from the price action in Yields, with dip buying emerging in Treasuries futures.
US: MNI POLITICAL RISK - Harris Lays Out Pragmatic Economic Vision
Sep-25 12:36
- Vice President Kamala Harris will today sit for her first one-on-one interview since becoming the Democratic nominee. She will then deliver a major economic speech today in Pittsburgh on her “pragmatic” and “capitalist” vision to bolster manufacturing.
- Harris' speech comes a day after former President Donald Trump outlined a hawkish plan to use punitive tariffs and tax incentives to coerce manufacturing back to the US.
- Harris and Trump are expected to participate in separate townhall events next month, hosted by the Latino-focused network Univision.
- Congress is expected to depart Washington this evening after the Senate fast-tracked action on the three-month Continuing Resolution to fund the federal government. A weak turnout for the GOP in a House vote on the package today will put Speaker Mike Johnson (R-LA) in a precarious position when he seeks a second term.
- President Biden used his final address at the United Nations General Assembly to urge world leaders to remain optimistic despite ongoing conflicts in Ukraine and the Middle East.
- President Biden will travel to Angola in October, honouring a promise to visit Africa during his first term.
- Kamala Harris pledged to carve out the Senate filibuster to codify the abortion protections of Roe vs Wade, a potentially seismic action that could reduce the power of the Senate.
- The White House continues to suggest that a ceasefire agreement between Israel and Hamas is on the table, despite a major escalation between Israel and Hezbollah.
- Poll of the Day: Harris makes gains on the economy.
Full article: US Daily Brief
