Forward rates rise as forecasts see cold, dry weather
Nov 22 (Reuters) -Nordic front-quarter power prices edged higher on Friday, helped by forecasts of colder and drier weather in the hydropower-dependent region.
* Nordic front-quarter baseload power contract ENOFBLQc1 rose 0.1 euros or 0.2% to 56.6 euros per megawatt hour (MWh) as of 1200 GMT.
* The Nordic water reserves available 15 days ahead PCAEC00 were seen at 8.3 terawatt hours (TWh) above normal, compared with 8.59 terawatt hours (TWh) above normal on Thursday.
* "Most of next week looks either around or slightly below average in terms of both temperatures and precipitation... The weather forecasts suggest quite cold and dry weather next
week," analysts at Energi Danmark said in a note.
* "The related markets appear to continue to rise, which should also offer bullish support to the Nordic market."
* European prompt power prices were untraded on Friday on expectations of rising wind power supply throughout the region and lower demand as temperatures were expected to leap back up over the weekend. EL/DE
* Dutch and British wholesale prices hovered near annual highs as fresh U.S. sanctions on Russia's Gazprombank raised fears over remaining gas supplies from Russia and as cold temperatures led to drawdowns in European gas stores. NG/EU
* In the European carbon market, CFI2Zc1, the benchmark contract fell 0.28 euro to 69.71 euros a metric ton.
* "Significant colder than normal spells are not likely, but some brief wintry episodes are possible. This pattern will likely dominate through the first week of December at least," Georg Muller, a meteorologist at LSEG said in a note.
* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, fell 24.45 euros or 37.21% to 41.25 euros per megawatt hour (MWh).
Reporting by Anjana Anil in Bengaluru; Editing by Shreya Biswas
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