POWER: Poland’s First Nuclear Plant Set for 2036, Second to Follow by 2043
Poland’s first 3.75GW nuclear power plant, Lubiatowo-Kopalino (EJ1), is set to begin generating electricity in 2036, with the second nuclear power plant EJ2 completed in 2043, according to an updated plan by PPEJ, cited by ISB News.
- Construction of the EJ1 plant begins with site handover in 2025, followed by permits in 2027 and 2028. The first unit will be operational in 2036, with the second and third units in 2037 and 2038.
- Additionally, the EJ2 project starts with location screening in 2025, followed by key decisions and studies through 2029. Construction begins in 2032 after permit approval in 2031.
- The first unit of the EJ2 nuclear plant will be operational by 2040, with the second and third in 2041 and 2042, completing the schedule in 2043.
- The EJ2 plant is expected to be built in Belchatow or Konin, with Kozienice and Polaniec sites also up for consideration.
- The updated plan also includes analysing target nuclear power capacity, exploring new post-coal locations, and overseeing SMR projects.
- It also calls for developing a "Roadmap for SMR" in Poland and assessing the potential use of nuclear energy for heating applications.
- Poland is eyeing a total nuclear capacity of around 6-9GW in the upcoming decades.
- Poland is 58% ready to begin construction on its first large-scale nuclear power plant, according to a new report by Baker McKenzie and Polityka Insight, cited by ISB News on 13 March.
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FOREX: FX OPTION EXPIRY
Of note:
EURUSD 1.51bn at 1.0390/1.0405.
USDJPY 1.65bn at 153.50/153.75.
AUDUSD 1.04bn at 0.6200 (a bit far).
EURUSD 2.3bn at 1.0375/1.0400 (thu).
EURUSD 3.29bn at 1.0400 (fri).
USDJPY 1.7bn at 153.85/154.00 (fri).
AUDUSD ~1bn at 0.6300 (fri).
USDCNY 2.16bn at 7.3000 (fri).
EURUSD 1.69bn at 1.0300 (tue).
- EURUSD: 1.0300 (1.9bn), 1.0305 (209mln), 1.0325 (1.04bn), 1.0340 (754mln), 1.0350 (239mln), 1.0375 (200mln), 1.0380 (280mln), 1.0390 (318mln), 1.0400 (850mln), 1.0405 (343mln).
- GBPUSD: 1.2450 (430mln).
- USDJPY: 153.15 (531mln), 153.50 (840mln), 153.70 (589mln), 153.75 (225mln).
- AUDUSD: 0.6200 (1.04bn), 0.6300 (283mln).
- AUDNZD: 1.1100 (295mln).
BONDS: Off Lows As Oil Ticks Lower
The downtick in crude oil is probably providing some background support for core global FI markets after the initial supply-/equity-induced pressure, with major bond markets edging away from session lows in recent trade.
- Little in the way of fresh fundamental news flow to report.
- Presence of long end supply from Germany and the equity uptick leaves EGB spreads to Bunds little changed to ~1bp tighter on the day, although the long end OAT syndication, as well as Portuguese and Greek issuance is also eyed.
EURIBOR OPTIONS: Call Condor buyer
- ERM5 97.875/98.00/98.125/98.25c condor, bought for 4.75 in 2k.
Last Week saw some similar interest buying of the same Condor vs the 97.75/97.625ps, they were paying 2 for that condor vs ps structure.
