Front-quarter rates extend losses on warmer weather outlook
Nordic front-quarter power prices slipped for a fifth straight session on Tuesday, weighed down by warmer weather forecasts in the hydropower-reliant region.
* The Nordic front-quarter contract (ENOFBLQc1) fell by 0.6 euros to 29.5 euros per megawatt-hour (MWh) by 1103 GMT.
* Front-quarter prices are down due to slightly warmer weather coming from next week, said Sigve Ekeland, managing director at Cemon AS.
* The Nordic front-year baseload power contract (ENOFBLYc1) was little changed at 42.85 euros/MWh.
* "The weekend and most of next week will be considerably warmer with temperatures rising to above normal values in entire Scandinavia," said Georg Muller, a meteorologist at LSEG, in a forecast note.
* Dutch and British wholesale gas prices were nearly steady, as expectations of warmer temperatures curbed demand and risk premiums over tensions in the Middle East eased.
* Germany's Cal '25 baseload (TRDEBYc1), Europe's benchmark contract, shed 0.80 euros to 87.70 euros/MWh.
* Carbon front-year allowances (CFI2Zc1) were up by 0.14 euros at 66.47 euros a tonne.
* Nordic water reserves available 15 days ahead (PCAEC00) were seen at 4.84 terawatt hours (TWh) below normal, compared with 5.15 TWh below normal on Monday.
* The Nordic power price for next-day physical delivery (FXSYSAL=NPX), or system price, rose 14.49 euros or 20.27% to 85.96 euros per megawatt hour (MWh).