Forward rates dip on wetter weather view, rising water levels
Nov 19 (Reuters) -Nordic forward power prices fell on Tuesday, pressured by forecasts of wetter weather and an uptick in water reserves in the hydropower-reliant region.
* Nordic front-quarter baseload power contract ENOFBLQc1 fell 2.1 euros to 54.9 euros per megawatt hour (MWh) as of 0929 GMT.
* Nordic front-year ENOFBLYc1 lost 0.5 euro to 38.3 euros per megawatt hour (MWh).
* "The weather forecasts have turned quite significantly wetter today," which is creating downward pressure on Nordic prices, said Oletom Djupskaas, a power analyst at LSEG.
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 9.26 terawatt hours (TWh) above normal, a one-week high, compared with 6.54 terawatt hours (TWh) above normal on Monday.
* In the Scandinavian region "next week will be more active especially in the western and northern parts with a return to near or even slightly above normal precipitation and temperatures," Georg Muller, a meteorologist at LSEG, said in a note.
* In the European carbon market, CFI2Zc1, the benchmark contract eased 0.32 euro to 69.2 euros a metric ton.
* French spot power prices gained on rising consumption, driven by falling temperatures, and with French wind output due to fall sharply, overriding net gains of renewables generation across the region. EL/DE
* Germany's Cal'25 TRDEBYc1, Europe's benchmark power contract, was up 0.65 euro at 99.15 euros per MWh.
* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, rose 51.18 euros to 106.65 euros per megawatt hour (MWh).
Reporting by Daksh Grover in Bengaluru; Editing by Eileen Soreng
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