NORDIC POWER-Forward prices slip on wetter weather outlook

By Reuters News

Oct 5 (Reuters) - Nordic forward power prices fell sharply on Monday, weighed down by a wetter weather forecast in the hydropower-reliant region.

  • Nordic front-quarter baseload power contract fell €6.85 or 5.9% to €109 per megawatt hour (MWh)at 1143 GMT

  • Nordic front-year lost €2.2 or 3.2% to €66.5 per megawatt hour (MWh)

  • "We consider price falls as the most likely scenario today, where the bearish weather outlook has been confirmed over the weekend," analysts at Mind Energy said in a note

  • Benchmark Dutch wholesale gas prices were largely flat on comfortable supply, while British front-month contract slipped lower, but storage levels going into winter remain a concern NG/EU

  • Germany's Cal '26 baseload , Europe's benchmark contract, fell €0.8 or 0.6% to €129.45 per megawatt hour (MWh)

  • Carbon front-year allowances fell €1.22 or 1.5% to €83.2 a ton

  • "Atlantic low pressure influence will dominate the weather in northern Europe until the end of the next week at least," said LSEG meteorologist Georg Muller

  • "The resulting weather will be generally unsettled, with frequent rain or showers delivering near or above normal amounts to Scandinavia," he noted, adding that temperatures would be near or slightly above normal

  • Nordic water reserves available 15 days ahead were seen at 12.74 terawatt hours (TWh) below normal on Monday, compared with 10.98 terawatt hours (TWh) below normal on Friday

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