POWER: End of Day Power Summary: French-German March Discount Widens to Feb High

Feb-13 16:33

The French-German March discount is on track to widen from the previous session to reach its highest since 31 January to be at €17.55/MWh at the time of writing amid stronger losses in France owing to stable nuclear availability and as average temperatures are anticipated to warm up at a quicker pace than Germany. Generally, CWE costs are in the red today due to losses in the energy complex.

  • Nordic Base Power MAR 25 down 9% at 41.25 EUR/MWh
  • France Base Power MAR 25 down 9% at 81.5 EUR/MWh
  • Germany Base Power MAR 25 down 7.3% at 99.05 EUR/MWh
  • EUA DEC 25 down 2.7% at 78.12 EUR/MT
  • TTF Gas MAR 25 down 7.9% at 51.26 EUR/MWh
  • Rotterdam Coal MAR 25 down 1.6% at 100.6 USD/MT
  • TTF front month saw significant declines today, under pressure by the prospect of peace talks over the Ukraine war and as countries push for the EU to relax gas storage targets, with Germany reportedly requesting an exemption from storage targets this year.
  • EU ETS December 2025 has been on a general downward trend since the early morning owing to losses in TTF  and coal, while declines have been bolstered by warmer weather in NW Europe and higher wind heading into next week – specifically in Germany – which could reduce the call on fossil fuel-fired units.
  • Italy-France plan to present a joined request to include CBAM reform as a central topic at the upcoming EU Competitiveness Council on 6 March.
  • The UK ETS Authority opened consultation on extending the ETS beyond 2030.
  • The latest Ofgem data showed that the UK Renewables Obligation Certificates (ROCs) issued in Oct 2024 hit a three-month low, and an eight-year low in seasonality.
  • Planned maintenance at EdF’s 620MW Hartlepool 2 nuclear plant will start earlier than expected on 15 February, from 27 February previously scheduled.
  • The UK Energy Research Centre (UKERC) warns that without urgent grid upgrades, 75% of large industrial sites in Great Britain could face electricity constraints by 2040, potentially hindering decarbonisation efforts and industrial growth.
  • France aims to prioritise investments upgrading its electricity network over building new interconnector from 2030.
  • The Netherlands could have delays in its nuclear new build plans, with the first reactor now unlikely to be operational by 2035 as the government has reintroduced Eemshaven as a potential site for two new reactors.
  • Svenska Kraftnat and Danish Energinet are upgrading the 715MW Konti-Skan 1 and 2 electricity connections between Sweden and Denmark to increase transmission capacity by 285W to 1GW.
  • Europe could see data centres that account for 937MW of power demand come online this year, compared with 655MW in 2024.

Historical bullets

PIPELINE: Corporate Issuance Update: $3B KFW +5Y Priced

Jan-14 16:18
  • Date $MM Issuer (Priced *, Launch #)
  • 01/14 $3B *KFW +5Y +40
  • 01/14 $2.5B #BNG Bank 5Y SOFR+47
  • 01/14 $2.5B *CADES 5Y SOFR+68, upsized from $2B
  • 01/14 $2B IFC 3Y SOFR+29
  • 01/14 $2B CAF 5Y SOFR+82
  • 01/14 $500M #Hyundai 3Y +80
  • 01/14 $Benchmark Blackstone Private Cr Fund 7Y +190a
  • 01/14 $Benchmark LifePoint Health 7NC3 
  • 01/14 $Benchmark Adobe 3Y +50a, 5Y +60a, 10Y +80a
  • 01/14 $Benchmark British Colombia 3Y SOFR+45
  • 01/14 $Benchmark BFCM 5Y +120a, 5Y SOFR

SECURITY: Gaza Ceasefire Deal Ready To Be Concluded And Implemented, Blinken

Jan-14 16:08

US Secretary of State Antony Blinken, speaking at an event hosted by the Atlantic Council, has confirmed that a Gaza ceasefire-for-hostage deal is "ready to be concluded and implemented" if Hamas accepts the conditions of the framework. 

  • Blinken says: "We believe the Palestinian Authority should invite international partners to help establish and run an interim administration in Gaza after a ceasefire deal," adding that an "interim security mission would be made up of forces from partner nations and vetted Palestinian personnel."
  • Blinken notes that the Biden administration, "will hand off plan for post-war Gaza to the Trump administration to carry forward."
  • Blinken's remarks are consistent with recent comments from US officials and Qatari mediators suggesting a ceasefire deal is closer than it has been in months, however, a final deal appears to hinge on Hamas approval, which in turn depends on how credible Hamas leadership deems a proposed Israeli military withdrawal from Gaza. As noted in earlier bullets (ISRAEL: WSJ-Israel, Hamas Finalising Gaza Deal, Could Come This Afternoon) there is some domestic uncertainty on the Israeli side, "in the form of the requirement for any deal to be approved by Israel's security cabinet and the full gov't."
  • The Jerusalem Post reported a short time ago: "No final answer was given from Hamas regarding a hostage deal, an Israeli official [said]."
  • A Qatari statement earlier today read: "We have overcome the major differences. This is the closest point we have been to a deal over the past months," 

MNI EXCLUSIVE: MNI: Italy Aims At NGEU Wriggle Room Over 2026 Deadline

Jan-14 16:05

Officials sketch out Italian plans to make sure the country gets as much NGEU funding as possible.-On MNI Policy MainWire now, for more details please contact sales@marketnews.com