Forward rates rise on drier, milder weather view
Nov 28 (Reuters) -Nordic forward power prices edged up on Thursday, as forecasts pointed towards drier and milder weather in the hydropower-reliant region.
* Nordic front-quarter baseload power contract ENOFBLQc1 rose 0.25 euro or 0.45% to 55.25 euros per megawatt hour (MWh) as of 1000 GMT.
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 9.63 terawatt hours (TWh) above normal, compared with 11.13 terawatt hours (TWh) above normal on Wednesday.
* "A little drier weather is the main culprit for the little rise in prices," said Axel Weyler, an originator at Entelios Trading AB.
* However, current hydro surplus will limit these gains, he said.
* European prompt power prices jumped on forecasts for plummeting German wind generation volumes while colder weather was on its way, lifting demand for electric heating in France. EL/DE
* Dutch and British wholesale gas prices were little changed but could see upside given forecasts of colder weather and lower wind speed, analysts said. NG/EU
* In the European carbon market, the benchmark contract CFI2Zc1 was down 0.26 euro at 68.21 euros a metric ton.
* "The next few days will be calm and dry with partially foggy and cold lowlands," 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 7.22 euros or 8.95% to 73.42 euros per MWh.
Reporting by Anjana Anil in Bengaluru; Editing by Varun H K
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