Nordic Power: Forward prices set for weekly gain

INTER RAO Lietuva AB

20/05/2022 14:21

May 20 (Reuters) - Nordic forward power prices rose and were
set to log a weekly gain on Friday, tracking stronger rates in
German market and forecasts for lower water levels in the
hydropower-dependent region.
    * Nordic front-quarter baseload power contract  ENOFBLQc1  
rose
1.4 euros to 88.80 euros per megawatt hour (MWh) at 12:28 GMT.
The contract is up about 6.8% so far this week.
    * The Nordic front-year contract  ENOFBLYc1  gained 0.32
euro to
75.00 euros/MWh and has risen 1.2% for the week.   
    * "Today, the short end of the market could retreat due to
an
improving hydro balance, but gas will remain the main point of
interest," analysts at Energi Danmark said in their note.
    * Russia's Gazprom has informed Finland that it will halt
flows of
natural gas from Saturday morning.  urn:newsml:reuters.com:*:nL5N2XC2CP
    * Nordic water reserves available 15 days ahead  PCAEC00 
were
seen at 7.24 terawatt hours (TWh) below normal, compared with
5.92 terawatt hours (TWh) below normal on Thursday.
    * German baseload for 2023 delivery  TRDEBYZ3 , Europe's
benchmark
contract, rose 0.5 euro to 228.00 euros/MWh.
    * Carbon front-year allowances  CFI2Zc1  eased 0.26 euro to
82.92
euros a tonne.
    * "The weekend will see increasing precipitation activity
starting
in the west and south but next week will be generally unsettled
with near or above normal rain and near normal temperatures,"
said Refinitiv meteorologist, Georg Muller.
    * The Nordic power price for next-day physical delivery
 FXSYSAL=NPX , or system price, fell 96.11 euros to 82.15
euros/MWh at an auction on the Nord Pool exchange.


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