Forward rates retreat on lower European prices, wet weather view
Aug 21 (Reuters) -Nordic forward power contracts eased from a three-week peak hit in the previous session on Wednesday pressured by lower European energy rates and forecasts of wetter weather in the hydropower-reliant region.
* Nordic front-quarter power contract ENOFBLQc1 fell 0.65 euros to 45.8 euros per megawatt hour (MWh)at 0955 GMT.
* Nordic front-year ENOFBLYc1 lost 0.4 euros to 42.5 euros.
* Both the contracts hit their highest since late July in the previous session.
* "The market is modestly down today... It is likely a reaction to some late price falls on the gas market yesterday, which the Nordic market now has to adjust to," said Karsten Sander Nielsen, a senior market analyst at Energi Danmark.
* "The weather outlook is also wet for the remainder of this week."
* Dutch gas prices were little changed around two-week lows on Wednesday, as European gas storages hit a Nov. 1 target early and Russian gas flows remained steady, while heavy maintenance loomed in Norway. NG/EU
* "The rest of this week and the first few days of next week will be cloudy and cool with frequent rain across entire Scandinavia," Georg Muller, a meteorologist at LSEG, said in a note.
* "The west of Norway will see above normal amounts while the rest will be more seasonable."
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 0.97 terawatt hours (TWh) above normal, compared with 1.87 TWh above normal on Tuesday.
* Germany's Cal'25 baseload TRDEBYc1, Europe's benchmark contract, fell 0.25 euro to 97.55 euros/MWh.
* Carbon front-year allowances CFI2Zc1 steadied at 73.16 euros a tonne.
* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, fell 7.64 euros or 48.6% to 8.08 euros per megawatt hour (MWh).
Reporting by Rahul Paswan in Bengaluru;
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