Forward rates slip on forecasts of warmer, wetter weather
Nov 25 (Reuters) -Nordic front-quarter power prices edged lower on Monday as forecasts showed warmer and wetter weather over next week in the hydropower-dependent region, while rising water reserves also weighed.
* Nordic front-quarter baseload power contract ENOFBLQc1 dipped by 0.7 euro or 1.24% to 55.8 euros per megawatt hour (MWh) as of 1125 GMT.
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 10.4 terawatt hours (TWh) above normal, compared with 6.71 terawatt hours (TWh) above normal on Friday.
* "Today's downtrend is likely the result of milder and wetter weather forecasts compared to ahead of the weekend. Following a cool period late this week, temperatures are set to rise to well above average early next week," said Karsten Sander Nielsen, a senior market analyst at Energi Danmark.
* "The HPR (hydropower reserve) remains in a solid surplus but the downside is limited by the fact that gas and German power is up."
* European prompt power prices increased on expectations of falling wind power supply throughout the region and higher demand. EL/DE
* Dutch and British wholesale prices mostly rose as a current mild spell curbing demand is set to give way to colder weather in December and January and wider supply concerns. NG/EU
* In the European carbon market, the benchmark contract CFI2Zc1 inched up by 0.47 euro to 69.74 euros a metric ton.
* "The first week of December will likely be slightly milder and wetter than normal in Scandinavia. Major cold spells are not likely before December 10 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, rose 10.04 euros or 152.82% to 16.61 euros per megawatt hour (MWh).
Reporting by Anjana Anil in Bengaluru; Editing by Varun H K
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