Some sanity has finally appeared in German energy policy. All it took was a 6x rise in power prices to convince them that unreliable solar and wind weren't the answer to every problem.
TTF prices are back to flat today after rising 7% and this may be part of the reason. The final three nuclear plants were set to shut down in December. That decision was reaffirmed in March but suddenly those safety concerns have vanished.
If ever there was a clear sign of an industry bottoming, this is it. The future is much brighter for nuclear than it was 5 years ago, although the fighting around the nuclear plant in Ukraine isn't exactly comforting.
Moreover, there's a pragmatism that might be returning to energy policy in general that will be built around affordability and reliability rather than idealism. That's bullish for fossil fuels (especially natural gas), nuclear.and coal.
In FX, the euro is slightly higher today but gave up some ground into the fix. EUR /USD is up 18 pips on the day.
