Nordic Front Month Climbs to Multi-Month High

The Nordic front month baseload power contract edged up slightly on Wednesday morning to reach the highest since 27 March as TTF prices have rose, placing upward pressure on the surrounding European markets. Slightly lower nuclear capacity is expected over the next few days amid an unplanned 100MW curtailment at the 1.6GW Olkiluoto 3 nuclear plant.

• Nordic M1 24 Baseload power contract up 2.56% at €40/MWh.
  
• TTF M1 24 up 2.15% at €33.715/MWh.
• The 1.6GW Olkiluoto 3 nuclear power plant curtailed its capacity by 101MW earlier this morning, with the unit running at 1.49GW of capacity until 24 May. The reason was due to “thermal power calibration”.
• The Olkiluoto 1 is also still disconnected, with the unit coming back online on 28 May.
• Sweden’s 1.08GW Rinhals unit 3 nuclear power plant is also offline until 29 June.
• Capacity on the 1.3GW SE4-DK2 power interconnector has been curtailed by 150MW today until 30 May due to planned maintenance – lowering import and export capabilities between the two regions.
• The 6.2GW SE3-SE4 power link will also be running 1.8GW also until 30 May.
• But Norwegian demand is anticipated to be lower on the month, which could possibly weigh on power prices on delivery. Consumption is expected to fall to an average of around 12.19GW in June from 12.9GW across May, data from Entso-E show. Temperature are still forecast above the 30-year norm in June.