NORDIC POWER-Forward prices headed for worst week in over 6 months
June 10 (Reuters) - 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)
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