Nordic Power: Forward prices fall on weaker German rates, milder weather view

INTER RAO Lietuva AB

23/05/2022 13:49

May 23 (Reuters) - Nordic forward power prices edged lower
on Monday, following a retreat in the German power market and
forecasts for milder weather in the hydropower-reliant region.
    * Nordic front-quarter baseload power contract  ENOFBLQc1  
fell
0.25 euro to 88.00 euros per megawatt hour (MWh) at 11:51 GMT.
    * The Nordic front-year contract  ENOFBLYc1  lost 0.48 euro
to
74.47 euros/MWh.     
    * The Nordic market is taking cues from falling gas prices
leading
to lower German power prices, said Refinitiv analyst Oletom
Djupskaas.
    * German baseload for 2023 delivery  TRDEBYZ3 , Europe's
benchmark
contract, fell 6.5 euros to 222.00 euros/MWh.
    * "Next week will be potentially less active albeit barely
milder.
A transition to sustained warm and dry weather is not likely
before or about June 5," said Refinitiv meteorologist, Georg
Muller.
    * Nordic water reserves available 15 days ahead  PCAEC00 
were
seen at 7.16 terawatt hours (TWh) below normal, compared with
7.24 terawatt hours (TWh) below normal on Friday.
    * European prompt power prices fell on forecasts for higher
wind
and solar production in Germany, where also one of three
remaining nuclear reactors returned online from an outage.
 urn:newsml:reuters.com:*:nL5N2XD0C1
    * Carbon front-year allowances  CFI2Zc1  eased 0.91 euro to
79.48
euros a tonne.
    * The Nordic power price for next-day physical delivery
 FXSYSAL=NPX , or system price, fell 100.57 euros to 49.86
euros/MWh at an auction on the Nord Pool exchange.


 (Reporting by Rahul Paswan in Bengaluru; Editing by Shailesh
Kuber)
 ((RahulKumar.Paswan@thomsonreuters.com; If within U.S. +1 646
223 8780;;))