Nordic Power: Forward prices slip on weak energy markets, wetter weather view

INTER RAO Lietuva AB

19/05/2022 15:36

May 19 (Reuters) - Nordic forward power prices edged lower
on Thursday, following a retreat in energy markets across Europe
and on forecasts for wetter weather.
    * Nordic front-quarter baseload power contract  ENOFBLQc1  
were
down 3.1 euros at 86.00 euros per megawatt hour (MWh) as of
11:53 GMT.
    * The Nordic front-year contract  ENOFBLYc1  lost 1.75 euros
to
74.00 euros/MWh.   
    * "Carbon and gas are the main price drivers today," said
Refinitiv analyst, Oletom Djupskaas.
    * Carbon front-year allowances  CFI2Zc1  eased 3.27 euros to
81.37
euros a tonne.
    * Nordic water reserves available 15 days ahead  PCAEC00 
were
seen at 5.92 terawatt hours (TWh) below normal, up from 6.73
terawatt hours (TWh) below normal on Wednesday.
    * Dutch wholesale gas prices reversed earlier gains amid
ongoing
uncertainty over the potential impact from demand for European
buyers to pay for Russian gas in roubles and a weaker carbon
market.  NG/EU 
    * Atlantic low pressure influence will bring more unsettled
weather with more frequent precipitation, said Refinitiv
meteorologist, Georg Muller, adding that "amounts will be above
normal especially in the west and south". 
    * German baseload for 2023 delivery  TRDEBYZ3 , Europe's
benchmark
contract, fell 3.25 euros to 225.50 euros/MWh.
    * The Nordic power price for next-day physical delivery
 FXSYSAL=NPX , or system price, fell 3.56 euros to 178.26
euros/MWh at an auction on the Nord Pool exchange.



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