German power futures prices were a shade down in range-bound trading on Thursday following multi-month and multi-year lows reached earlier in the week.
The Cal 24 last traded EUR 0.61 lower at EUR 90.74/MWh, while the front month was down EUR 0.60 at EUR 85.90/MWh on the EEX.
Despite the downward move, both contracts managed to trade above their lows seen on Tuesday when the front year hit its lowest level since 7 September 2021 and the front month hit its lowest level since 2 August, at EUR 89.65/MWh and EUR 83.03/MWh, respectively.
One analyst said the market needed new inputs before prices could make any other big shifts. “There are no surprises and everything seems to be priced in,” he said.
Another trader noted that full gas storage levels were abating worries and keeping prices from going back up.
Additionally, oil and gas prices were down in the wake of Wednesday’s decision by the UN’s COP28 conference to signal an eventual end to fossil fuel usage.
In gas trading on Thursday, the benchmark TTF front month was down EUR 0.40 on the day at EUR 35.30/MWh.
Spot prices tumble
In the day-ahead market, baseload power for Friday fell EUR 13.88 to EUR 93.24/MWh, while peakload plunged EUR 24.65 to EUR 100.69/MWh, on forecasts of increased wind generation.
German wind output should average 17.5 GW on Friday, 5.5 GW below the norm but up 9.1 GW from today. The forecast for solar power was up 0.1 GW to 1.1 GW on average for tomorrow.
Power demand should fall tomorrow, at an average 59 GW, although it would be 1 GW higher than the seasonal norm.