Last week, with the exception of Monday and Thursday, the mainland experienced a robust renewable energy output. Wind generation notably surged over the weekend, leading to negative hourly spot prices for 16 of the 48-hour period in the Netherlands. This consistent wind generation caused the Dutch weekly average spot prices to settle at 84 €/MWh, marking an increase of 1.4 €/MWh compared to the prior week when wind output also surpassed the seasonal average by a substantial amount.
Despite the heightened wind activity over the weekend, there were periods, particularly on Monday and Thursday, when wind generation dipped substantially. During these intervals, a significant reliance on gas generation was needed to meet the energy demand across most countries in the Central Western European region.
In the forthcoming months, there has been a noteworthy surge in gas prices. The TTF contract for November witnessed an increment of €15.8, culminating the week at 54 €/MWh. Meanwhile, the December TTF prices rose by €13.4, settling at 56.3 €/MWh.
Furthermore, the carbon prices for December 2023 experienced an upswing of €5.5, wrapping up the week at 86 €/MWh. There was also an upward trajectory in Dutch power forwards. The baseload power for November in the Netherlands escalated by €30.2, finishing the week at 128.9 €/MWh. In contrast, the December baseload surged by €23.4, ending at 132.4 €/MWh.
Note: Gas prices are listed in €/MWh (100 €/MWh is equal to 0.97694 €/Nm3, based on a conversion formula/factor 35.17 / 3600 = 0.0097694).
Unions at Chevron’s Australian LNG facilities plan to resume strikes, intensifying a dispute which began after a provisional deal collapsed earlier this month. The Gorgon and Wheatstone sites, contributing to 6% of global LNG supply, had witnessed weeks of strikes in September. Although the Fair Work Commission mediated talks and requested a halt to strikes, the Offshore Alliance union coalition indicated strikes would continue unless Chevron revised its stance.
For the 2024 TTF gas contracts, there was a rise of €11.3, with the market closing at 56.5 €/MWh. The front-year carbon prices appreciated by €5.6, settling at 90.1 €/EUA. The Dutch CAL-24 power contract observed an augmentation of nearly €22, culminating at 133.9 €/MWh. However, the clean spark spread for the upcoming year depreciated by 1.9 euros, finishing the week at -6.4 €/MWh.
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Let op: de gasprijzen worden vermeld in €/MWh (100 €/MWh is 0,97694 €/Nm3, gebaseerd op een omrekenformule/factor 35,17 / 3600 = 0,0097694).
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