Daily (06.07.2020) NBP spot plunged by almost 5% on Friday influenced by an upward revision of the French nuclear output.

06/07/2020 10:40 Daily


Crude oil prices lost momentum on Friday, on renewed fears over global fuel demand as U.S reported a surge in coronavirus cases. Nevertheless, signs of improving global economy and OPEC+ record high supply cuts limited the loss. As a result, Brent crude decreased by 0.8% to $42.80 a barrel. Similarly, WTI futures traded 1% lower at $40.24 a barrel.

The NBP spot price fell by 4.8% to 13.80 p/therm on Friday, impacted by the upward revision of EDF’s nuclear output for 2020. Meanwhile, on the curve, most of the UK gas contracts were bullish, tracking a rise in carbon prices. Hence, the Winter 2020 delivery contract traded 1.2% higher at 33.64 p/therm.


European spot power prices lost ground on Friday. The German spot power price tumbled by 55.9% to 15.40 EUR/MWh, due to a sharp rise in electricity output from wind turbines. Similarly, the French day-ahead power price plunged by 40.2% to 21.88 EUR/MWh following an increase in nuclear output.


On the curve, the German power contract for delivery in 2020 was almost flat at 41.75 EUR/MWh on uncertainty over the direction of the energy market. Meanwhile, a 3% decrease was noticed in the equivalent French power contract, which traded at 46.00 EUR/MWh, as EDF increased its target for nuclear output for 2020.


EU carbon prices inched higher on Friday, amidst speculative buying. Despite bearish fundamentals, the price for the 2021-expiry contract closed at 28.21 EUR/tonne, compared to 27.66 EUR/tonne on Tuesday.


UK’s OVO signs tech sharing deal with energy giant Eni

27/07/2020 09:52:00

Under the deal, Eni gas e luce will use the Kaluza digital platform used by OVO, which allows suppliers to see real time data on customer energy consumption


Iberdrola to build green hydrogen plant in Spain, finds off-taker

27/07/2020 09:43:00

Iberdrola SA has announced it will build a solar-plus-storage system and a 20-MW electrolyser for the production of green hydrogen in the industrial city of Puertollano, Spain.


Poland Poised to Announce Major Coal Mine Closures

27/07/2020 09:25:00

Poland’s biggest coal producer, state-run PGG, is likely to announce within days deep cuts in coal output and the closure of a number mines as part of a restructuring plan that is expected to prompt protests by miners, industry sources said.