More Euro narrative violations - one year power forwards in Germany back to normal premia to ERCOT due to datacenters and falling gas prices. German baseload 1 year forward in dollars, ERCOT 2026 forward markets. #EnergySky
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With lower wages and a collapsing power price spread I am not convinced that US industrials are in a better spot than the EU. The endless opeds decrying the end of Europe are a fade but especially when the underlying data has flipped.
Interesting that the policy choice of AI is starting to eat the energy surplus that could go to other things. Or that maybe AI becomes more efficient over time but some of those other sources of power demand are very path dependent - might not be there when chip efficiency catches up.
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