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NORDIC POWER-Front-quarter set for second straight weekly gain on forecasts of drier weather

ReutersMar 21, 2025 12:36 PM

- Nordic front quarter prices rose on Friday and were set for a second successive weekly gain, driven by forecasts of drier weather in the hydropower-reliant region and gains in the German power markets.

* The Nordic front-quarter baseload power contract ENOFBLQc1 rose 0.15 euros to 24.85 euros per megawatt hour (MWh), as of 1157 GMT. The index was up more than 16 percent for the week

* Nordic front-year prices ENOFBLYc1 were steady at 37 euros, set to snap a four-week losing streak.

* "Temperatures are expected 2-3 degrees above average during the next two weeks, meanwhile both precipitation and wind output is generally expected below seasonal normal," analysts at Energi Danmark said in a note.

* Nordic water reserves available 15 days ahead PCAEC00 were seen at 9.82 terawatt hours (TWh) above normal, compared with 9.69 TWh on Thursday.

* "The week will still be largely dry and partially sunny especially in the south. Temperatures will be slightly above normal," said LSEG meteorologist Georg Muller, adding that next week will be more unsettled with occasional rain or showers.

* Dutch and British wholesale gas prices rose after reports of an attack on Sudzha gas metering station in RussiaNG/EU

* Russia's Defence Ministry accused Ukraine of blowing up the facility near Sudzha, once used by Gazprom to export gas via Ukraine to Europe

* In the European carbon market, the benchmark contract CFI2Zc1 shed 0.05 euros to 72.96 euros a tonne.

* German year-ahead power TRDEBYc1 added 0.54 euros to 87.59 per MWh.

* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, fell 44.68 euros to 2.25 euros per MWh.

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