September 20, 2018 / 12:39 PM / 3 months ago

NORDIC POWER-Front-quarter prices slip on rain forecasts, rising water levels

Sept 20 (Reuters) - Nordic front-quarter power prices fell to their lowest in three months on Thursday weighed down by wetter weather forecasts and rising water reserves in the hydropower-dependent region.

* The Nordic front-quarter baseload power contract was down 2.4 euros to 43.95 euros per megawatt hour (MWh) at 1218 GMT.

* Nordic front-year was flat at 37.00 euros/MWh.

* “It’s all about the weather now. The hydro balance improved 1.3 TWh from yesterday morning and there doesn’t seem to be any immediate end to the wet weather,” said Thomson Reuters analyst Ole Tom Djupskaas.

* “In addition, the spot price for Friday became really low,” Djupskaas said.

* Nordic water reserves available 15 days ahead were seen at 5.4 terawatt hours (TWh) below normal, as against 6.7 TWh below normal on Wednesday.

* “The weekend and the first half of the next week will be only slightly unsettled with showers especially along the west coast,” said Georg Muller, a meteorologist at Thomson Reuters.

* “The second half of the next week will likely bring slightly increasing precipitation activity as new Atlantic lows will move in,” Muller added.

* The Nordic power price for next-day physical delivery , or system price, fell 6.92 euros to 36.94 euros per MWh at an auction on the Nord Pool exchange.

* European next-year coal prices rose $1.2 to $98.00 a tonne.

* Carbon front-year allowances firmed 1.49 euros to 22.96 euros a tonne.

Thomson Reuters analyst view: here (Reporting by Eileen Soreng in Bengaluru; Editing by Mark Potter)

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