Polish spot power contracts continued to set record highs in week 25thanks to a heatwave that raised air conditioning demand and lowwind generation. The day ahead contract on the Polish PowerExchange (TGE) rose almost 10% to Zloty 397.70/MWh (Eur88.09/MWh)on June 24, up from Zloty 362.05/MWh on June 17. On June 23, thespot price closed at Zloty 411.72/MWh, with temperatures exceeding30 degrees Celsius across the country, but it fell back on June 24thanks to a forecast fall in temperatures on June 25. Averagetemperatures in Warsaw were as much as seven degrees abovenormal during the week, according to CustomWeather. Temperaturesare forecast to rise again in week 26, up to eight degrees above thenorm. Wind production was below 0.5 GW and solar PV output, despitethe heatwave, rarely surpassed 2 GW, for much of the week. Powerdemand on June 23 was up 10% year on year with maximum loadreaching 23.76 GW, not far off the summer record of 24.10 GW set inJune 2019, according to system operator PSE. Rising prices inneighboring markets saw some Polish exports to Sweden andLithuania during the week. A forecast of warmer weather in week 26contributed to a 4% week on week rise in the July contract to Zloty351.18/MWh on June 24. Looking further ahead, the Cal-22 contractrose 3.2% week on week to Zloty 352.70/MWh on June 24, with carbonprices climbing above Eur55/mt for the first time since mid-May. Theaverage price of green certificates, used to support existingrenewable energy installations, rose 4.1% to Zloty 165.57/MWh on June24, with lower volumes traded as generators had bought in previousweeks to cover their 2020 obligations.
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