Forward prices extend gains on lower water levels, dry weather outlook
Aug 20 (Reuters) -Nordic forward power contracts extended gains to a more than three-week peak on Tuesday as water reserves fell in the hydropower-reliant region, with outlook of dry weather supporting prices.
* Nordic front-quarter baseload power contract ENOFBLQc1 rose 1.3 euros to 47.8 euros per megawatt hour (MWh) at 0943 GMT, its highest since July 26.
* Nordic front-year ENOFBLYc1 gained 0.4 euros to 43.25, its highest since July 29.
* "The hydro balance could start weakening again if this weather shift turns into reality and the outlook still appears bullish for the Nordic power market," Energi Danmark said in a note.
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 1.87 terawatt hours (TWh) above normal, compared with 4.1 TWh above normal on Monday.
* "Later in the next week and towards the week after next week, decreasing weather activity is likely and the east and south could see a couple of sunnier, drier and warmer days," Georg Muller, a meteorologist at LSEG, said in a note.
* Germany's Cal'25 baseload TRDEBYc1, Europe's benchmark contract, added 0.10 euro to 100.20 euros/MWh.
* Carbon front-year allowances CFI2Zc1 gained 0.53 euro to 73.70 euros a tonne.
* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, fell 6.15 euros or 28.1% to 15.72 euros per megawatt hour (MWh).
Reporting by Rahul Paswan in Bengaluru; Editing by Varun H K
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