Nordic forward power prices slipped on Friday on forecasts for milder and wetter weather in the hydropower-dependent region, with weaker coal and carbon rates also adding further pressure.
- Nordic front-quarter baseload power contract fell 0.65 euro to 45.45 euros per megawatt hour (MWh) at 1303 GMT.
- Nordic front-year contract lost 0.4 euro to 37.55 euros/MWh.
- “Weather forecasts came out milder and slightly wetter than previous runs,” said Arne Bergvik, chief analyst at Jämtkraft.
- European next-year coal prices fell $0.9 to $84.20 a tonne.
- Carbon front-year allowances eased 0.57 euro to 21.73 euros a tonne.
- “For next week, the weather in Scandinavia is expected to be partially unsettled, but the main precipitation activity will be more in the west of Norway and with slightly rising temperatures,” said Georg Muller, a meteorologist at Refinitiv.
- Nordic water reserves available 15 days ahead were seen at 20 terawatt hours (TWh) below normal, against 20.85 TWh above/below normal on Thursday.
- The Nordic power price for next-day physical delivery , or system price, fell 3.28 euros to 51.15 euros per MWh at an auction on the Nord Pool exchange.