Forward rates decline on wetter weather view, rising water levels
July 4 (Reuters) -Nordic forward prices slipped on Thursday pressured by forecasts for higher precipitation and increasing water reserves in the hydropower-dependent region.
* The Nordic front-quarter contract ENOFBLQc1 fell 0.35 euro to 46.25 euros per megawatt hour (MWh) at 1016 GMT.
* The Nordic front-year contract ENOFBLYc1 lost 0.5 euro, or 1.19%, to 41.4 euros.
* "The forecasts predicted significant precipitation that could boost hydropower output over the next two weeks, potentially improving the hydro balance further," analysts at Energi Danmark said in a daily note.
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 7.55 terawatt hours (TWh) below normal, compared with 7.70 TWh below normal on Wednesday.
* "Next week will continue with the generally unsettled weather in Scandinavia with near or above normal rain," 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 21.44 euros, or 55.56%, to 17.15 euros per megawatt hour (MWh).
* Carbon front-year allowances CFI2Zc1 lost 0.11 euro to 70.65 euros a tonne.
* Dutch and British wholesale gas prices were mixed, trading in a narrow range, amid softer demand and strong inventories. NG/EU
* Germany's Cal '25 baseload TRDEBYc1, Europe's benchmark contract, was almost unchanged at 93.25 euros/MWh.
Reporting by Daksh Grover in Bengaluru; Editing by Eileen Soreng
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