Forward rates gain as forecasts see drier and cooler weather
Oct 23 (Reuters) -Nordic forward power prices rose on Wednesday, supported by drier and cooler weather view in the hydropower-reliant region.
* Nordic front-quarter baseload power contract ENOFBLQc1 rose 0.85 euro, or 1.5%, to 56.1 euros per megawatt hour (MWh) at 1055 GMT.
* Nordic front-year ENOFBLYc1 gained 0.7 euro, or 1.8%, to 39.4 euros per megawatt hour (MWh).
* "The forecasts have been quite mild, wet and windy for some time, but this morning they appeared a bit cooler and drier, and the market uses this to win back some territory it has lost earlier in the week," said Karsten Sander Nielsen, a senior market analyst at Energi Danmark.
* "The outlook is still quite mild however, and this limits the upside right now where temperatures are essential as it could boost demand if it turns colder."
* Dutch and British wholesale prices were a touch firmer but largely stable as some forecasts indicated colder weather in November and Norwegian outages and geopolitical risk continue to spur supply concerns. NG/EU
* "Next week will continue with mostly dry weather with sunny conditions at higher elevations and partially foggy and cool lowlands," Georg Muller, a meteorologist at LSEG, said in a note.
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 8.78 terawatt hours (TWh) above normal, compared with 10.5 terawatt hours (TWh) above normal on Tuesday.
* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, rose 11.25 euros, or 135.38%, to 19.56 euros per megawatt hour (MWh).
Reporting by Anjana Anil in Bengaluru; Editing by Shailesh Kuber
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