Nordic Power: Front-quarter rates slip on lower continental power prices

Volue ASA

06/03/2023 11:29

March 6 (Reuters) - Nordic front-quarter prices slipped
on Monday, tracking losses in German power and European gas
markets, although cold and dry weather forecasts limited the
fall.
    
    * The Nordic front-quarter baseload power contract
 ENOFBLQc1  edged down 0.83 euro at 64.50 euros per megawatt
hour (MWh) as of 1125 GMT.
    * "We see that Germany's fuel market and gas prices are
weak, which is affecting Nordic power prices," said Lene Hagen,
senior analyst at Volue Insight.
    * "This week will be cold and dry, which is supporting the
prices in the short term," she said.
    * Germany's Cal '24 baseload  TRDEBYc1 , Europe's benchmark
contract, fell 3.85 euros to 133.75 euros/MWh.
    * British and Dutch gas prices fell as healthy storage
levels and strong supplies of liquefied natural gas helped to
offset colder temperatures and an outage on the UK-Belgium
interconnector.  NG/EU 
    * "The rest of this week, including the weekend, will be
cold and rather dry with light snow and below normal
temperatures," wrote Georg Muller, meteorologist at Refinitiv,
in a daily forecast note.
    * Nordic water reserves available 15 days ahead  PCAEC00 
were seen at 12.67 terawatt hours (TWh) below normal, compared
with 12.03 TWh below normal on Friday.
    * Carbon front-year allowances  CFI2Zc1  firmed 1.52 euros
at 93.70 euros a tonne.

 (Reporting by Ananya Bajpai in Bengaluru; Editing by Shilpi
Majumdar)
 ((Ananya.Bajpai@thomsonreuters.com))