November 13, 2018 / 10:44 AM / a month ago

NORDIC POWER-Drier weather view, falling water levels lift forward prices

Nov 13 (Reuters) - Nordic forward power prices rose on Tuesday on expectations for drier weather in the hydropower-dependent region amid declining water reserves.

* Nordic front-quarter baseload power contract rose 0.7 euro to 51.95 euros per megawatt hour (MWh) at 1011 GMT.

* Nordic front-year contract gained 0.25 euro to 41.60 euros/MWh.

* Drier weather forecast, with almost no rain expected, and the falling hydro balance are influencing the prices, said Enegia trading manager Lauri Riihimaki.

* Nordic water reserves available 15 days ahead were seen at 11.20 terawatt hours (TWh) below normal, as against 7.9 TWh below normal on Monday.

* The weather in Scandinavia is expected to be cold and dry through the next two weeks, said Georg Muller, a meteorologist at Refinitiv.

* European next-year coal prices fell $2 to $88.50 a tonne.

* Carbon front-year allowances eased 0.66 euro to 19.84 euro a tonne. Refinitiv analyst view: here here (Reporting by Brijesh Patel in Bengaluru, editing by Louise Heavens)

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