Heatwave run shrugs off August demand lull

摘要

The heatwave has kept German spot and near-curve powerrnprices in bullish mood through late July. August basernreached a six-year high of €54.52/MWh July 26, while thernspot base climbed to a year-to-date high of €58.41/MWhrnthat day, EEX and EPEX data showed.rnA combination of low wind, low water levels, low Nordicrnhydro and rising thermal plant output have pulled therncontracts up, with German exports north to hydro-strappedrnScandinavia unusually strong for the time of year. Now withrnthe hot, dry spell seeping into August, prices remain strongrndespite some improvement in wind generation in the mix.rnWind generation was at just 6% week 30, ensuringrncontinuation of a strong rebound in thermal power sincernJune. Improving coal- and gas-fired generation spreadsrnsupported the trend.