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NORDIC POWER-Front-quarter scales fresh peak on Europe gas supply concerns

NORDIC POWER-Front-quarter scales fresh peak on Europe gas supply concerns

Reuters · 07/28/2022 08:15
NORDIC POWER-Front-quarter scales fresh peak on Europe gas supply concerns

- Nordic front-quarter prices rose for the fifth straight session on Thursday, hitting a fresh all-time high, driven by persistent fears over disruptions in gas supply to Europe from Russia.

  • Nordic front-quarter baseload power contract ENOFBLQc1 rose 3 euros to 250.00 euros per megawatt hour (MWh) at 12:05 GMT.

  • "The gas fears will continue to dominate today, where we expect the market to consolidate a bit following the previous increases," said Energi Danmark in a daily .

  • Meanwhile, British and Dutch wholesale gas prices declined after hitting their highest intraday levels since March the day before, on profit taking and increased Norwegian flows. NG/EU

  • Sunday and week, "the entire area will see or above rain with or below temperatures," said Georg Muller, a meteorologist at Refinitiv.

  • Nordic water reserves available 15 days ahead PCAEC00 were seen at 4.08 terawatt hours (TWh) below , up from 4.91 TWh below on Wednesday.

  • The Nordic power price for -day physical delivery FXSYSAL=NPX, or system price, rose 49.99 euros to 205.10 euros/MWh, its highest since May 3, at an auction on the Nord Pool exchange.

  • Carbon front-year allowances CFI2Zc1 firmed 2.67 euros to 78.81 euros a tonne.

  • German baseload for 2023 delivery TRDEBYZ3, Europe's benchmark contract, fell 8.2 euros to 367.75 euros/MWh.


(Reporting by Deep Vakil in Bengaluru; Editing by Shinjini Ganguli)

((DeepKaushik.Vakil@thomsonreuters.com))