May 17, 2024 07:47 GMT
Nordic Front Month Closes at Two-Day High
POWER
The Nordic front month baseload power contract closed at two-day high on Wednesday as price rises in the energy complex increased power prices in neighbouring countries, supporting the product. The front-month is up just 1% on the week amid delays in starting up nuclear power plants in the region and could rise as European TTF and power prices are trading upward.
- Nordic M1 24 Baseload power contract closed up ~6.16% on the day at €34.60/MWh on 16 May.
- TTF M1 24 up 1.38% at €30.665/MWh at the time of writing.
- The 1.6GW Olkiluoto 3 nuclear power plant returned to the grid on 16 May but the start-up was pushed back twice this week – on 14 May and 15 May.
- Swedish utility Vattenfall also delayed the start of their 1.11GW Forsmark nuclear reactor by 4 days to 22 May on 15 May. The unit is still expected to start up on that date.
- The 1.08GW Rinhals unit 3 nuclear power plant is expected to be the only nuclear plant off line over June, with works occurring from 15 May-29 June.
- TTF front month has rallied to a new high for the week with supply risks from Ukraine adding to competition for LNG supplies from Asia.
- Closer in, Norwegian wind is forecast at load factors of 28-32%, or 1.47-1.67GW over 18-19 May- down by around 200MW on the day. Wind is then forecast to drop between 15-17%, or just 775-889MW over 20-21 May.
- Norway’s 640MW Saurdal hydro power plant unexpectedly curtailed its capacity by 320MW due to turbine problems. It will be only off line for about 11 hours.
- Average temperatures in Oslo, Norway are forecast to continue rising into next week, with temperatures at about 10C on 20 May before increasing to as high as 12.44C on 1 June.
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