POWER: EU End of Day Power Summary: Italy M1 Power Hits Lowest Since 20 Sept
Mar-05 16:33
Italian front-month power hit the lowest since 20 September today, closely tracking losses in gas prices, while milder weather is also weighing. German front-month power is trading lower, outpacing losses in the French market, weighed on by sharp losses in EU gas markets.
- France Base Power APR 25 down 1% at 56.95 EUR/MWh
- Germany Base Power APR 25 down 2.8% at 75.25 EUR/MWh
- Italy Base Power APR 25 down 2.7% at 107.98 EUR/MWh
- EUA DEC 25 down 0.3% at 68.28 EUR/MT
- TTF Gas APR 25 down 5.4% at 41.135 EUR/MWh
- TTF has fallen sharply today after the EU postponed a road map on the phase out of Russian gas and as the EC recommended increased flexibility in reaching gas storage targets, although the EC maintaining targets at 90% was supportive.
- EUA Dec25 are edging lower, resisting sharp losses in EU gas prices, with upward pressure from a downward revision in temperature forecasts and low wind output.
- France plans to publish its energy roadmap – the third PPE directive – by the end of March/early April.
- Germany's nuclear lobby claims that up to six closed nuclear reactors could be reopened, with a potential investment of between €1-3bn per plant, KernD group said.
- Germany’s Bnetza has proposed annual cost-based rules for power grid operators as part of a regulatory overhaul aimed at improving funding conditions
- German EV new vehicle registrations stood at 35,949, up by 30.8% on the year and up from 34,498 vehicles in January.
- The UK’s power auction for 2025-2026 delivery cleared at £20-25/kW, the lowest since 2020.
- Italian hydropower reserves last week declined by 0.1TWh to 2.15TWh, widening the deficit to the five-year average.
- The EIB and Austrian banks will loan Burgenland Energie €250mn to develop 2GW of wind and solar capacity in Austria by 2030.
- Latvian TSO AST is set to join the European aFRR energy exchange platform, PICASSO, on 10 April 2025, with other Baltic TSOs procuring aFRR capacity on 15 April.
- PGE plans to bid in upcoming capacity auctions to secure support for 2.5GW of new gas-fired power plants, a company official told lawmakers.
- Increasing power interconnection between Norway and Europe will be beneficial for both regions in the long-term, Statkraft CEO Brigitte Ringstad Vartdal said.
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FED: US TSY 26W BILL AUCTION: HIGH 4.155%(ALLOT 95.65%)
Feb-03 16:32
- US TSY 26W BILL AUCTION: HIGH 4.155%(ALLOT 95.65%)
- US TSY 26W BILL AUCTION: DEALERS TAKE 24.87% OF COMPETITIVES
- US TSY 26W BILL AUCTION: DIRECTS TAKE 7.24% OF COMPETITIVES
- US TSY 26W BILL AUCTION: INDIRECTS TAKE 67.89% OF COMPETITIVES
- US TSY 26W BILL AUCTION: BID/CVR 3.04
FED: US TSY 13W BILL AUCTION: HIGH 4.220%(ALLOT 36.23%)
Feb-03 16:32
- US TSY 13W BILL AUCTION: HIGH 4.220%(ALLOT 36.23%)
- US TSY 13W BILL AUCTION: DEALERS TAKE 46.43% OF COMPETITIVES
- US TSY 13W BILL AUCTION: DIRECTS TAKE 5.62% OF COMPETITIVES
- US TSY 13W BILL AUCTION: INDIRECTS TAKE 47.95% OF COMPETITIVES
- US TSY 13W BILL AUCTION: BID/CVR 2.65
EUROPEAN INFLATION: Services Inflation Momentum At 3.5 Year Low
Feb-03 16:26
Eurozone services inflation momentum decelerated for the sixth consecutive month in January, according to the ECB’s seasonally adjusted data. Sequential price growth was 0.37% M/M (vs 0.32% prior), but 3m/3m growth eased to 2.45% (vs 2.61% prior), the lowest since September 2021.
- Analysts have questioned the reliability of the ECB’s seasonal adjustment methodology in recent months, and the uncertain nature of the January print (e.g. due to start of year price resets and weight changes) means some caution is still required when interpreting the latest data.
- However, at face value, the reading suggests ECB expectations for NSA Y/Y services readings to moderate during the course of this year remain intact.
- Details on the underlying drivers of the 3.9% Y/Y NSA services print (vs 4.0% prior) will be available in the January final HICP reading on Feb 24. President Lagarde has highlighted start of year price resets in categories like insurance as important to analyse in Q1.
- Non-energy industrial goods prices rose just 0.06% M/M SA, corresponding to a 0.59% 3m/3m rate (vs 0.44% prior).
- Together, this meant core inflation momentum eased to a 12-month low of 1.77% (vs 1.83% prior).
