POWER: End of Day Power Summary: FR-DE March Discount Narrows by 9% On Week
Feb-21 16:37
The French-German March discount is on track to narrow by around 9.4% on the week to be at €17.03/MWh at the time of writing amid a 12.9% drop in the German equivalent compared to 13.8% in France owing to warmer temperatures and losses in the energy complex.
- Nordic Base Power MAR 25 down 4.5% at 34.85 EUR/MWh
- France Base Power MAR 25 down 0.3% at 69.67 EUR/MWh
- Germany Base Power MAR 25 up 0% at 86.7 EUR/MWh
- EUA DEC 25 up 1.7% at 73.9 EUR/MT
- TTF Gas MAR 25 down 2.6% at 46.275 EUR/MWh
- Rotterdam Coal MAR 25 down 2.1% at 96 USD/MT
- TTF front-month prices are on track for around a 8.6% net weekly decline as above seasonal temps will remain until the end of February and strong U.S. LNG exports. Counteracting bullish pressure from below-normal gas storage levels, high gas withdrawals and gas exports to Ukraine.
- EU ETS December 2025 has remained in green towards the end of the session amid low wind heading into the majority of next – specifically Germany – which could lead to stronger fossil-fuel-fired generation. The contract is down 7.3% on the week to track similar on-week losses in coal and TTF.
- HSBC may save $620mn in carbon credits purchases over the next 25 years, after the bank delayed its net zero target from 2030 to 2050.
- Spain’s Ministry for Ecological Transition (MITECO) has allocated €1.214bn to support seven renewable hydrogen clusters – a combined capacity of 2.278GW – across various regions.
- Iberdrola has started commissioning of the 225MW Valdecanas hydro pumping station in Spain.
- Sustainable Energy Solutions Sweden (SENS) will double the capacity of its 85MW Pyhasalmi BESS project in Finland to 170MW, with the expansion to be operational in 2025.
- TSO Fingrid has launched a tender for sites to participate in the system protection of the 1.6GW Olkiluoto 3 (OL3) nuke from 1 July 2025- 31 December 2026, with the selected units having at least 5MW of capacity.
- A UK trade body argues that without support for critical subsea infrastructure—such as undersea cables, moorings, and anchoring systems—the UK risks losing its competitive edge in the floating offshore wind sector.
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FED: US TSY 17W BILL AUCTION: HIGH 4.205%(ALLOT 78.60%)
Jan-22 16:32
- US TSY 17W BILL AUCTION: HIGH 4.205%(ALLOT 78.60%)
- US TSY 17W BILL AUCTION: DEALERS TAKE 35.29% OF COMPETITIVES
- US TSY 17W BILL AUCTION: DIRECTS TAKE 4.22% OF COMPETITIVES
- US TSY 17W BILL AUCTION: INDIRECTS TAKE 60.49% OF COMPETITIVES
- US TSY 17W BILL AUCTION: BID/CVR 3.28
FED: US TSY 33D AUCTION: HIGH RATE 4.265%; 52.91% AT HIGH
Jan-22 16:32
- US TSY 33D AUCTION: HIGH RATE 4.265%; 52.91% AT HIGH
- US TSY 33D BILL AUCTION: DEALERS TAKE 49.22% OF COMPETITIVES
- US TSY 33D BILL AUCTION: DIRECTS TAKE 5.03% OF COMPETITIVES
- US TSY 33D BILL AUCTION: INDIRECTS TAKE 45.76% OF COMPETITIVES
- US TSY 33D AUCTION: BID/COVER 2.70
USD: Trump Tariff Threat On Russia Adds To USD Bid
Jan-22 16:24
Trump’s tariff threat towards Russia seems to promote some USD demand over the last 30 minutes or so, although the BBDXY was already off session lows ahead of Trump’s social media post.
- The greenback now outperforms all but the NOK in G10 FX trade, with the likes of GBP/USD & EUR/USD back into yesterday’s range after a brief show above.
- JPY is weaker against all G10 peers, with the uptick in core global FI yields also weighing on the yen in recent trade.
- The technical setup in that pair remains bullish, with initial resistance at the 20-day EMA (156.46) pierced. A clean break and extension there would shift focus to the January 15 high (158.08).
- BoJ event risk on the horizon for JPY pairs (expect our full preview of that decision in Asia-Pac hours. Most look for a 25bp hike on Friday, with ~24bp of tightening discounted).
