October 30, 2018 / 10:53 AM / 20 days ago

NORDIC POWER-Forward prices rise on drier weather outlook

Oct 30 (Reuters) - Nordic forward power prices rose on Tuesday as weather forecasts turned drier and carbon rates remained firm.

* Nordic front-quarter baseload power contract was up 0.7 euro to 46.90 euros per megawatt hour (MWh) at 1019 GMT.

* Nordic front-year contract gained 0.52 euro to 37.80 euros/MWh.

* The latest weather forecast from Monday was drier and the dry run was also confirmed Tuesday morning; this shift lifted the prices, said Olav Grunde Lauvdal, portfolio manager at Ishavskraft.

* Carbon front-year allowances firmed 0.07 euro to 16.75 euro a tonne.

* Nordic water reserves available 15 days ahead were seen at 2.4 terawatt hours (TWh) below normal, against 0.1 TWh above normal on Monday.

* Next week’s weather will be less active in the west of Scandinavia with near or below normal rain and temperatures remaining milder than normal, according to Georg Muller, a meteorologist at Refinitiv.

* “A change to significantly colder or wet weather is not likely before mid-November,” Muller added.

* European next-year coal prices fell $0.95 to $94.75 a tonne. Refinitiv analyst view: here here (Reporting by Brijesh Patel in Bengaluru; Editing by Mark Potter)

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