POWER: EU Mid-Day Power Summary: CWE, Iberian Front-Months Diverge

CWE and Iberian front-month power prices are diverging as the German and French equivalents are being supported by low wind and cooler temperatures next week, while Italy and Spain tracking losses in TTF.

• Italy Base Power APR 25 down 0.6% at 112.12 EUR/MWh
• France Base Power APR 25 up 2.7% at 59.06 EUR/MWh
• Germany Base Power APR 25 up 0.9% at 78.04 EUR/MWh
• EUA DEC 25 up 0.7% at 68.99 EUR/MT
• TTF Gas APR 25 down 1.1% at 42.975 EUR/MWh
• TTF has softened today after Europe postponed a road map on the phase out of Russian gas. Clarity on the EC’s position on European gas storage targets provided some support, with the 90% target seen as ‘mandatory’ and flexibility mostly in line with expectations.
• EUA Dec25 is oscillating between minor gains and losses as the market has yet to find a clear direction and has been tracking the TTF curve in the morning.
• France plans to publish its energy roadmap – the third PPE directive – by the end of March/early April.
• 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 new EV registrations in February increased by 41.7% on the year to 21,244.
• The UK’s power auction for 2025-2026 delivery cleared at £20-25/kW, the lowest since 2020.
• 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.
• Fingrid is postponing the introduction of a new procedure aimed at reducing transmission direction changes in power cables due to additional system development required by Svenska Kraftnat.
• Increasing power interconnection between Norway and Europe will be beneficial for both regions in the long-term, Statkraft CEO Brigitte Ringstad Vartdal said.
• EEX European power markets in February achieved 873.32TWh in traded volumes, marking a 42% year-on-year increase, driven by significant gains in German, French and Italian volumes.