NORDIC POWER-Forward rates rise as forecasts see cold weather

Reuters11-14 20:23

Nov 14 (Reuters) - Nordic forward power prices climbed on Thursday, buoyed by forecasts for colder and drier conditions in the hydropower-reliant region.

* Nordic front-quarter baseload power contract rose 1.9 euros or 3.49% to 56.35 euros per megawatt hour (MWh) as of 1155 GMT.

* Nordic front-year gained 0.98 euros or 2.61% to 38.5 euros per megawatt hour (MWh).

* Nordic water reserves available 15 days ahead were seen at 8.93 terawatt hours (TWh) above normal, compared with 9.4 terawatt hours (TWh) above normal on Wednesday.

* "Low-pressure weather will dominate in the Nordic area during the next 4-5 days, but from early next week, a shift to high-pressure conditions with low wind output and low temperatures and low precipitation amounts is expected. The outlook is bullish for the Nordic power market," analysts at Energi Danmark said in a note.

* "Drier and calmer forecasts combined with rising prices on the related markets due to growing gas supply concerns cause the market to edge up and we expect the bullish sentiment to continue throughout the day."

* Dutch and British wholesale prices hit their highest intraday level in nearly one year amid concerns over Russian gas supply.

* In the European carbon market, , the benchmark contract rose by 0.94 euro to 67.25 euros a metric ton.

* "Temperatures will be below normal with wintry conditions at higher elevations. The week after next week continues to show a mild westerly flow pattern as the most likely scenario," Georg Muller, a meteorologist at LSEG, said in a note.

* The Nordic power price for next-day physical delivery

, or system price, fell 6.8 euros or 28.3% to 17.23 euros per megawatt hour (MWh).

(Reporting by Anjana Anil in Bengaluru; Editing by Vijay Kishore)

((Anjana.Anil@thomsonreuters.com;))

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