Forward rates rebound on forecasts for dry weather
Aug 19 (Reuters) -Nordic forward power contracts rose on Monday, helped by forecasts for drier weather while water reserves in the hydropower-reliant region eased slightly.
* The Nordic front-quarter power contract ENOFBLQc1 rose 1.45 euros to 46.8 euros per megawatt hour (MWh) at 10:08 GMT.
* Nordic front-year ENOFBLYc1 gained 0.55 euros to 42.8 euros.
* "The contracts are somewhat up today and I think the main reason is somewhat drier weather forecasts," said Oletom Djupskaas, a power analyst at LSEG.
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 4.1 terawatt hours (TWh) above normal, compared with 5.17 TWh above normal on Friday.
* "The first half of September will likely bring decreasing low pressure activity due to slowly rising pressure across Europe," resulting in a rather near normal weather throughout, Georg Muller, a meteorologist at LSEG, said in a note.
* Germany's Cal'25 baseload TRDEBYc1, Europe's benchmark contract, added 0.20 euros to 100.40 euros/MWh.
* Carbon front-year allowances CFI2Zc1 gained 0.81 euro to 73.34 euros a tonne.
* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, rose 5.66 euros or 34.9% to 21.87 euros per megawatt hour (MWh).
Reporting by Rahul Paswan in Bengaluru; Editing by Mrigank Dhaniwala
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