POWER: German Year-Ahead Fuel-Switching Economics Weaken

German year-ahead fuel-switching economics have weakened slightly over the past week as TTF prices have fallen more than API2 coal, while EUAs have risen. However, coal-fired generation remains significantly more profitable than gas-fired generation for 2027, according to MNI/Bloomberg calculations. * Year-ahead clean dark spreads for a 46%-efficient coal plant narrowed to 26.04/MWh yesterday from 29.56/MWh a week earlier. * Clean dark spreads for a 40%-efficient coal plant also narrowed, to 10.87/MWh yesterday from 14.47/MWh a week earlier, but remained in positive territory. * In comparison, year-ahead clean spark spreads for a 59%-efficient gas plant rose to -2.72/MWh yesterday from -3.69/MWh a week earlier. * TTF Cal-27 fell around 4.2% over the past week, while front-year API2 coal prices declined 1.3%. German Cal-27 power fell 2.3%, while EUAs rose 1.2%. * Germany Power Cal 27 up 0.1% at 127.31 EUR/MWh * TTF Gas JAN 27 up 0.1% at 57.075 EUR/MWh * Rotterdam Coal Cal JAN 27 up 1.8% at 133.93 USD/MT * EUA DEC 27 up 0.8% at 90.95 EUR/MT