Forward rates slip on wet weather outlook
July 5 (Reuters) -The Nordic forward prices were down on Friday, hurt by wetter weather forecasts and improving water reserves in the hydropower-reliant region.
* The Nordic front-quarter contract ENOFBLQc1 fell 0.65 euros to 45.25 euros per megawatt hour (MWh) at 1048 GMT.
* The Nordic front-year contract ENOFBLYc1 lost 0.5 euros to 41 euros. The contract was down for the second straight week.
* "Ahead of the weekend, we continue to see weather forecasts for the Nordic area dominated by low-pressure weather," analysts at Energi Danmark said in a daily note
* "Expected precipitation during the forthcoming ten days is 40% higher than seasonal normal, whereas temperatures should remain below normal."
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 7.60 terawatt hours (TWh) below normal, compared with 7.55 TWh below normal on Thursday and 9.09 TWh below normal on Tuesday.
* "Next week will continue to be unsettled in the southern parts of Sweden and Norway with mostly shower-like precipitation," Georg Muller, a meteorologist at LSEG, wrote in a forecast note.
* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, fell 1.12 euros or 6.53% to 16.03 euros per megawatt hour (MWh).
* Carbon front-year allowances CFI2Zc1 gained 0.73 euro to 70.80 euros a tonne.
* Dutch and British wholesale gas prices were largely flat, with a small rise in demand balanced by Norwegian gas flows, though supply uncertainty later in the year offered some support. NG/EU
* Germany's Cal '25 baseload TRDEBYc1, Europe's benchmark contract, lost 0.35 euro to 93.60 euros/MWh.
Reporting by Daksh Grover in Bengaluru; Editing by Tasim Zahid
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