Forward prices extend gains as water levels decline
July 17 (Reuters) -Nordic forward power prices extended gains on Wednesday as water reserves in the hydropower-dependent region declined further after turning positive briefly earlier this week.
* The Nordic front-quarter contract ENOFBLQc1 rose 1.4 euros to 44.8 euros per megawatt hour (MWh) at 1018 GMT.
* The Nordic front-year contract ENOFBLYc1 gained 0.75 euro to 42.25 euros.
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 1.84 terawatt hours (TWh) below normal compared with 0.51 TWh below normal on Tuesday.
* "Yesterday we had less wet weather than before the weekend and more or less the same weather (continues) today, so I guess it is kind of continuation of yesterday without any big news," said Sigve Ekeland, managing director, Cemon AS.
* However, "I don't see a big upside. For that we need to see a more significant weather change," he added.
* Germany's Cal '25 baseload TRDEBYc1, Europe's benchmark contract, fell 0.80 euros to 88.75 euros/MWh.
* Carbon front-year allowances CFI2Zc1 shed 0.51 euro to 67.51 euros a tonne.
* "Tomorrow through Sunday will be sunnier, warmer than recently, with above-normal temperatures and few showers only," according to Georg Muller, a meteorologist at LSEG.
* "Next week will again be more active with increasing precipitation activity with potentially above-normal amounts," Muller added.
* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, fell 2.48 euros or 9% to 25.07 euros per megawatt hour (MWh).
Reporting by Rahul Paswan in Bengaluru; Editing by Vijay Kishore
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