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NORDIC POWER-Forward prices rise on higher rates for Europe gas, German power

NORDIC POWER-Forward prices rise on higher rates for Europe gas, German power

Reuters · 09/14/2022 08:48
NORDIC POWER-Forward prices rise on higher rates for Europe gas, German power

- Nordic forward power rates rose on Wednesday, supported by gains in German power and European gas markets.

* Nordic front-quarter baseload power contract ENOFBLQc1 rose 13.5 euros to 276.00 euros per megawatt hour (MWh) at 11:55 GMT.

* The Nordic front-year contract ENOFBLYc1 gained 8 euros to 170.00 euros/MWh.

* There is an overall bullish reaction across the markets as gas and German power rise, Energi Danmark analyst Karsten Sander Nielsen said.

* The market was awaiting clarity on the EU commission's plan to reform the power market, Karsten added.

* British and Dutch gas prices rose as the EU omitted a proposed gas-import price cap from plans to combat spiraling energy costs. NG/EU

* The weather would be dry and cool in the several days, George Muller, a meteorologist at Refinitiv, said in a daily forecast , adding major wet spells were unlikely.

* Nordic water reserves available 15 days ahead PCAEC00 were seen at 14.66 terawatt hours (TWh) below , up from 14.95 TWh below on Tuesday.

* German baseload for 2023 delivery TRDEBYZ3, Europe's benchmark contract, rose 39 euros to 524.00 euros/MWh.

* The Nordic power price for -day physical delivery FXSYSAL=NPX, or system price, fell 107.37 euros to 123.75 euros/MWh at an auction on the Nord Pool exchange.

* Carbon front-year allowances CFI2Zc1 firmed 0.12 euro to 69.87 euros a tonne.


(Reporting by Harshit Verma in Bengaluru; Editing by Shounak Dasgupta)

((Harshit.Verma@thomsonreuters.com))