Front-quarter rates ease on rain forecast, rising water reserves
Aug 8 (Reuters) -Nordic front-quarter power prices nudged lower on Thursday on forecasts for wetter weather and an uptick in water reserves in the hydropower-dependent region.
* The Nordic front-quarter power contract ENOFBLQc1 fell 0.1 euro to 42.2 euros per megawatt hour (MWh) at 0945 GMT.
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 4.52 terawatt hours (TWh) above normal, compared with 2.73 TWh above normal on Wednesday.
* "The kind of weather regime we have now is quite bearish. If this weather continues, I expect spot price to stay lower and this will also affect future prices," said Sigve Ekeland, managing director, Cemon AS.
* "What is holding off the market a bit is the quite strong gas and continental power markets."
* Germany's Cal'25 baseload TRDEBYc1, Europe's benchmark contract, added 0.45 euros to 96.15 euros/MWh.
* Dutch wholesale gas prices mostly edged higher as continued concern over possible disruption to Russian supply via Ukraine provided support despite reduced demand from power plants owing to strong wind power output.NG/EU
* "The weekend will be unsettled and rather wet with rain and showers bringing above-normal rain to the west and south," Georg Muller, a meteorologist at LSEG, said in a note.
* Carbon front-year allowances CFI2Zc1 fell 0.69 euro to 69.94 euros a tonne.
* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, fell 3.15 euros or 12.3% to 22.44 euros per megawatt hour (MWh).
Reporting by Rahul Paswan in Bengaluru; Editing by Maju Samuel
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
