Swiss long-term hydro deficit widens to 2024 record, French surplus narrows

The 10-year hydro deficit in Switzerland hit its widest point so far in 2024 in week 50, while France's surplus to the long-term average narrowed, according to data from French transmission system operator RTE and the Swiss energy ministry.

Swiss inventories fell to 5.03 TWh, or 56.5% of capacity, in the week ending Dec. 15, marking the lowest level since late June. This decline widened the deficit to the 2014-23 average to a new yearly high of 6 percentage points.

Rhine river levels fell to 751 cu m/s, 9 percentage points below the long-term average for the same period, after remaining above it for the previous two weeks.

Swiss hydropower from reservoirs and run-of-river totaled 2.53 GW in week 50, up from 1.85 GW in the prior week. Although, wind generation's share of the country's domestic electricity mix fell 6.2 percentage points to 8.1%.

The baseload day-ahead power price in Switzerland averaged Eur153.48/MWh ($161.09/MWh) in week 50, EPEX Spot data showed, up 13% from the prior week's average.

The Swiss meteorological office predicts temperatures between 0 and 10 C for the remainder of the week, with overcast skies and rain expected on Dec. 19 and Dec. 22 in the northeast and western regions. Light sleet is anticipated in the northeast and west at the start of Dec. 23, followed by mixed conditions.

France

French hydro stocks in Week 50 fell 6.9 percentage points on the week to 2.54 TWh, their lowest level since early June, with the surplus to the 10-year average decreasing to 229 GWh.

Reserves compared to the same period in 2023 widened to 7.3 percentage points, marking the largest deficit since mid-May.

The day-ahead baseload spot price in France averaged Eur130.25/MWh for the week ended Dec. 15, according to EPEX Spot, jumping 36% from the average over the prior week.

French hydropower rose 28% on the week to 9.04 GW, while wind generation fell 27% to 7.3 GW.