Nordic power forward prices rise on higher gas, drier weather outlook

Oct 7 (Reuters) — Nordic forward power prices rose on Wednesday, buoyed by climbing European gas prices, while a drier weather view next week and a drop in water reserves in the hydropower-reliant region also lent support. 28% to €109 per megawatt hour (MWh) at 1121 GMT. 19 per megawatt hour (MWh). "We are rising today — again — as we did yesterday," said Karsten Sander Nielsen, senior market analyst at Mind Energy, noting that while weather forecasts turned drier and calmer, the outlook did not change significantly compared to the day before.

"More importantly, gas and therefore German futures are rising, which the Nordic market reacts to," added Nielsen. Dutch and British gas prices rose on Wednesday morning, tracking a rise in Asian liquefied natural gas prices, as concerns over tough competition for limited supply with low storage outweighed bearish fundamentals. 8 per megawatt hour (MWh). 39 a ton.

"Atlantic low-pressure activity will dominate until well into next week under a westerly flow pattern. The resulting weather will be wet and windy with above-normal rain in most of Scandinavia, accompanied by near or slightly above-normal temperatures," said LSEG meteorologist Georg Muller. "But the second half of the next week, and likely also the week after next, will see less active and drier weather in the east and south of our area," he added. 63 terawatt hours (TWh) below normal on Tuesday, which were the highest since early January.

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