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NORDIC POWER-Forward prices headed for worst week in over 6 months

reuters.com · 06/10/2022 08:02
NORDIC POWER-Forward prices headed for worst week in over 6 months

- Nordic forward power prices fell on Friday and were on course for their biggest weekly decline in more than six months, pressured by forecasts for wetter weather in the hydropower-dependent region and losses in the German market.

  • Nordic front-quarter baseload power contract ENOFBLQc1 fell 4 euros to 89.50 euros per megawatt hour (MWh) by 11:01 GMT. The contract has declined about 10.9% so far this week, on track for its biggest drop since early January.

  • The Nordic front-year contract ENOFBLYc1 lost 2.5 euros to 78.50 euros/MWh, and has shed about 8.4% for the week, which would be its biggest weekly decline since December.

  • "The market retreats slightly today, on wetter weather forecasts and because both gas and German power fell," said Energi Danmark analyst Karsten Sander Nielsen.

  • "But I do not rule out another rise in prices, especially if the German market changes direction," Nielsen added.

  • From the middle of next week, the weather is expected to be somewhat colder and wetter, according to the Swedish Meteorological and Hydrological Institute.

  • German baseload for 2023 delivery TRDEBYZ3, Europe's benchmark contract, fell 6.5 euros to 225.75 euros/MWh.

  • The German spot power price for Monday fell on Friday as wind supply is expected to be nearly double in the country. nL8N2XX299

  • Nordic water reserves available 15 days ahead PCAEC00 were seen at 5.39 terawatt hours (TWh) below normal, compared with 5.51 terawatt hours (TWh) below normal on Thursday.

  • Carbon front-year allowances CFI2Zc1 firmed 0.74 euro to 80.55 euros a tonne.

  • The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, fell 105.69 euros to 35.06 euros/MWh at an auction on the Nord Pool exchange.

(Reporting by Rahul Paswan in Bengaluru;Editing by Aditya Soni)

((RahulKumar.Paswan@thomsonreuters.com; If within U.S. +1 646 223 8780;;))