Forward rates steady as forecasts point to warmer weather
Nov 27 (Reuters) -Nordic forward power prices traded in a narrow range on Wednesday as forecasts showed warmer and wetter weather in the hydropower-dependent region.
* Nordic front-quarter baseload power contract ENOFBLQc1 rose 0.1 euros or 0.18% to 54.6 euros per megawatt hour (MWh) as of 1040 GMT.
* The Nordic front-year ENOFBLYc1 lost 0.15 euros, or 0.39%, to 38 euros per MWh.
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 11.13 terawatt hours (TWh) above normal compared with 12.31 terawatt hours (TWh) above normal on Tuesday.
* "Except for a few cool days early next week, the next two weeks look set to offer above-average temperatures in the Nordic area. This, combined with a strong hydro balance surplus of approximately 10 TWh and rather wet weather forecasts for the coming time, makes the outlook bearish for the Nordic power market at the moment.," analysts at Energi Danmark said in a note.
* "The market opened sideways but we consider further price falls as the most likely scenario as the related markets continue down and the forecasts remain overall mild looking at the coming weeks."
* Dutch and British wholesale gas prices dipped as temperatures turned warmer and stronger wind output curbed demand for gas. NG/EU
* In the European carbon market, the benchmark contract CFI2Zc1 was down 1.1 euro at 68.13 euros a metric ton.
* "Tomorrow will be cloudy with scattered showers...Friday and the weekend will be sunnier and drier. Next week will be generally more active, windier and wetter with occasional rain," 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 50.52 euros or 167.73% to 80.64 euros per MWh.
Reporting by Anjana Anil in Bengaluru; Editing by Tasim Zahid
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