September 13, 2018 / 12:38 PM / 6 days ago

NORDIC POWER-Forward prices rise on drier weather view

Sept 13 (Reuters) - Nordic forward power prices rose on Thursday on a relatively drier weather outlook and falling water reserves in the hydropower-dependent region, offsetting weaker carbon rates.

* The Nordic front-quarter baseload power contract rose 1.4 euros to 53.65 euros per megawatt hour (MWh) at 1212 GMT.

* The Nordic front-year gained 0.85 euro to 40.85 euros/MWh.

* The marginally drier weather forecast would be the main reason driving prices today, said Thomson Reuters analyst Oletom Djupskaas.

* “Later in the next week especially the south and east (of Scandinavia) will experience some less active and drier days with some sun and above normal temperatures,” said Georg Muller, a meteorologist at Thomson Reuters.

* Nordic water reserves available 15 days ahead were seen at 16 terawatt hours (TWh) below normal, against 14.8 TWh below normal on Wednesday.

* European next-year coal prices rose $0.8 to $96.30 a tonne.

* Carbon front-year allowances eased 1.54 euros to 21.41 euros a tonne.

* The Nordic power price for next-day physical delivery , or system price, fell 0.43 euro to 54.80 euros per MWh at an auction on the Nord Pool exchange

Thomson Reuters analyst view: here (Reporting by Arijit Bose and Harshith Aranya in Bengaluru; editing by David Evans)

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