Forward rates dip as forecasts show wetter weather
Nov 26 (Reuters) -Nordic forward power prices fell on Tuesday as forecasts showed warmer and wetter weather in the hydropower-dependent region while the subsequent rise in water reserves also weighed on prices.
* The Nordic front-quarter baseload power contract ENOFBLQc1 fell 1 euro, or 1.82%, to 54 euros per megawatt-hour (MWh) as of 1100 GMT.
* The Nordic front-year ENOFBLYc1 lost 0.15 euros, or 0.39%, to 38 euros MWh.
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 12.31 terawatt-hours (TWh) above normal, compared with 10.4 TWh above normal on Monday.
* "Expected precipitation in the Nordic area during the next ten days is marginally above the seasonal average. Meanwhile, temperatures are expected to be above normal throughout most of the period and the outlook in total appears bearish for the Nordic power market today," analysts at Energi Danmark said in a note.
* Dutch and British wholesale prices were largely stableas milder weather forecasts weighed on heating demand and a potential ceasefire in Lebanon eased concerns about energy supply disruptions in the Middle East. NG/EU
* In the European carbon market, the benchmark contract CFI2Zc1 inched down by 0.18 euro to 69.68 euros per metric ton.
* "The most likely scenario remains wetter than normal in western Scandinavia, but potentially quite inactive weather in southeastern Scandinavia at times," 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 13.51 euros or 81.34% to 30.12 euros per MWh.
Reporting by Anjana Anil in Bengaluru; Editing by Shreya Biswas
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