BritNed Maintenance and High Renewable Generation Slash Dutch Power Prices

Last week, the BritNed power cable, which connects the Netherlands and the UK, went into maintenance. This unavailability of the interconnector, combined with high renewable generation in the Netherlands, led to an oversupply situation, particularly during solar hours. As a result, about 20% of the hours had negative prices last week.
For example on Thursday, the prices went as low as -€149 during one of the afternoon hours. On average, the weekly spot price cleared at €45.3/MWh, which is about €20 lower than the previous week.
According to REMIT messages, the BritNed interconnector will return only on 11th August 2024. Typically, during the solar hours of summer, the Netherlands exports its power to the UK. Therefore, this maintenance means that the export capacity in the Netherlands will be lower than usual, which might lead to more negative prices if renewable generation remains robust in the coming weeks.
TTF prices dropped for all future contracts. For the near term, i.e., August and September, prices concluded at €33.1/MWh and €34.1/MWh, respectively, each falling by about €1.4 compared to the previous week.
The front-month Dutch power contract fell by €1.8, concluding the week at €71.4/MWh. Meanwhile, the carbon prices increased by €2.9, concluding the week at €70.4/EUA.

For the CAL-25, TTF prices remained relatively stable, concluding the week at €37.8/MWh. Carbon prices rose by €3, ending the week at €73.2/EUA. The Dutch power price for the front year increased by €2.6, concluding the week at €89.7/MWh.

The uptick in power prices and minimal movements in gas prices compared to the previous week led to a €2 increase in the Clean Spark Spread for 2025, which concluded at -€8.5/MWh. The Clean Dark Spread did not change much and concluded the week at -€13.3/MWh.

Weekly changes