Front-quarter rates slip from nine-month peak on rising water levels
Oct 2 (Reuters) -Nordic front-quarter power prices eased on Wednesday from a near nine-month peak hit in the previous session, as an uptick in water levels and forecasts for wetter weather in the hydropower-dependent region weighed on the market.
* Nordic front-quarter power contract ENOFBLQc1 fell 1 euro to 56.75 euros per megawatt hour (MWh) at 0922 GMT.
* The contract rose to its highest since early January in the previous session.
* The market has shifted its focus on weather forecasts which is bearish for the Nordic market, said Axel Weyler, an originator at Entelios Trading AB.
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 8.63 terawatt hours (TWh) above normal, compared with at 6.93 TWh above normal on Tuesday.
* "Next week will be more active with especially the south likely to see above normal rain at times," Georg Muller, a meteorologist at LSEG, said in a note.
* Dutch and British wholesale gas prices edged lower on Wednesday morning amid stable supply and some profit taking, while escalating tensions in the Middle East lent some support.NG/EU
* Germany's Cal'25 TRDEBYc1, Europe's benchmark contract, dropped 1 euro to 81.9 euros per MWh.
* Carbon front-year allowances CFI2Zc1 fell 0.17 euro to 63.44 euros a tonne.
* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, rose 37.34 euros to 65.24 euros per MWh.
Reporting by Rahul Paswan in Bengaluru; Editing by Shreya Biswas
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