Front-quarter prices hit 9-month highs as water reserves drop
Oct 14 (Reuters) -Nordic forward power prices gained on Monday, with the front-quarter contract hitting its highest in over nine months as retreating water reserves in the hydro-power dependent region and rising gas prices in Europe buoyed prices.
* Nordic front-quarter power contract ENOFBLQc1 rose 0.65 euros to 59 euros per megawatt hour (MWh) at 9:50 GMT, marking its highest level since Jan. 5.
* The Nordic front-year contract ENOFBLYc1 gained 0.5 euros to 40.75 euros per megawatt hour (MWh), having hit its highest level in over a month.
* "The hydro situation has worsened since Friday," said Ole Tom Djupskaas, a power analyst at Refinitiv.
* Nordic water reserves available 15 days ahead PCAEC00 were seen 4.26 terawatt hours (TWh) above normal, compared with 7.74 TWh above normal on Friday.
* "In addition, carbon and gas prices are somewhat up today, lifting the German power market, and therefore also the Nordic market," Djupskaas added.
* Dutch and British wholesale gas prices edged higher on Monday morning as maintenance curbed supply from Norway and the market continued to be concerned over escalation to tensions in the Middle East.NG/EU
* Germany's Cal'25 TRDEBYc1, Europe's benchmark contract, rose 0.17 euro to 88.67 euros per MWh.
* Carbon front-year allowances CFI2Zc1 increased 0.73 euros to 65.35 euros a tonne.
* "Sunny intervals will be frequent but the lowlands will be partially foggy and cool," Georg Muller, a meteorologist at LSEG, said in a note.
* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, added 31.53 euros to 44.65 euros per MWh.
Reporting by Anushree Mukherjee in Bengaluru; Editing by Maju Samuel
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