Nordic Power: Front-quarter rates fall as water levels rise

Liberty Global

21/06/2023 11:41

June 21 (Reuters) - Nordic front-quarter power rates
dipped on Wednesday as water reserves in the hydropower-reliant
region rose, though higher gas prices across Europe helped limit
losses.
    
    * The Nordic front-quarter baseload power contract
 ENOFBLQc1  fell 3.15 euros to 60.1 euros per megawatt hour
(MWh) by 1013 GMT.
    * Nordic front-year  ENOFBLYc1  remained unchanged at 70.00
euros/MWh.   
    * "Weather forecasts are much wetter today and the hydro
balance improved (about) 3.5 TWh since yesterday morning," said
Oletom Djupskaas, power analyst at Refinitiv.
    * However, higher gas prices prevented the Nordic Q3
contract from falling further, Djupskaas added.
    * Outages at Norwegian gas infrastructure assets supported
British and Dutch gas prices.  NG/EU 
    * German baseload for 2024 delivery  TRDEBYc1 , Europe's
benchmark contract, rose 0.3 euro to 149.30 euros/MWh.
    * Nordic water reserves available 15 days ahead  PCAEC00 
were seen at 12.78 terawatt hours (TWh) below normal, compared
with 16.23 TWh below normal on Tuesday.
    * "The rest of this week and likely also the entire next
week will be partially cloudy with showers and thunderstorms,
especially in the southern half of Scandinavia," Georg Muller,
meteorologist at Refinitiv, said in a daily forecast note.
    * Carbon front-year allowances  CFI2Zc1  eased 2.93 euros to
91.92 euros a tonne.

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