Forward prices fall on wetter weather view, higher water reserves
Dec 16 (Reuters) -Nordic forward power prices fell on Monday, as forecasts showed wetter and warmer weather in the hydropower-reliant region, with higher water reserves also adding pressure.
* Nordic front-quarter baseload power contract ENOFBLQc1 fell 3 euros to 45.5 euros per megawatt hour (MWh) as of 1040 GMT.
* Nordic front-year ENOFBLYc1 lost 1.68 euros to 31.3 euros per MWh.
* "The hydro situation is up 5 TWh since Friday to 22.6 TWh above normal," said Ole Tom Djupskaas, a power analyst at LSEG, adding German power prices and gas and coal prices are also lower.
* "Temperature, precipitation and wind (are) above normal next two weeks, first two weeks of January is also forecasted wetter and warmer than normal," pressuring prices, Djupskaas said.
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 22.58 terawatt hours (TWh) above normal, compared with 20.79 TWh above normal on Friday.
* "A westerly flow pattern will dominate the weather through the next two weeks with unsettled and partially wet and windy weather," Georg Muller, a meteorologist at LSEG, said in a note.
* Dutch and British wholesale gas prices fell as forecasts for warmer than usual temperatures curbed demand for gas and news from Friday that Hungary said it had found a solution to enable it to pay for Russian gas weighed on the market. NG/EU
* In the European carbon market, the benchmark contract CFI2Zc1 was down 0.52 euro at 63.91 euros a metric ton.
* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, fell 5.73 euros to 13.52 euros per MWh.
Reporting by Anjana Anil in Bengaluru; Editing by Eileen Soreng
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