Prices fall on forecasts for wetter weather

Sept 12 (Reuters) - Nordic forward power prices slipped on Wednesday on forecasts for wetter weather in the hydropower-dependent region.

* The Nordic front-quarter baseload power contract was down 0.75 euro to 51.35 euros per megawatt hour (MWh) at 1235 GMT.

* Nordic front-year lost 1.6 euros to 38.75 euros/MWh.

* Prices are falling as "a lot of rain has been forecast for the next two weeks ... and (due to) technical selling," said Andreas Edlund, a power trader for Shepherd Energy.

* "The rest of this week and the first half of next week will be unsettled and cloudy or overcast with frequent precipitation," said Georg Muller, a meteorologist at Thomson Reuters.

* Nordic water reserves available 15 days ahead were seen at 14.8 terawatt hours (TWh) below normal, as against 14.4 TWh below normal on Tuesday.

* European next-year coal prices fell $1.25 to $95.50 a tonne.

* Carbon front-year allowances firmed 0.07 euro to 24.25 euro a tonne.

* The Nordic power price for next-day physical delivery , or system price, rose 2.16 euros to 55.23 euros per MWh at an auction on the Nord Pool exchange.

Thomson Reuters analyst view: https://emea1.apps.cp.thomsonreuters.com/cms/?pageId=nordic-power (Reporting by Harshith Aranya and Sumita Layek in Bengaluru; Editing by Mark Potter)

2018-09-12 14:54:04

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