Nordic Front-Month Falls to Fresh June Low

The Nordic July baseload power contract is currently trading at a fresh June low due to declines in the energy market, as well as decreasing prices in the European power market. Today, the product may continue to be influenced by a slight decrease in TTF and German power prices, and a rise in nuclear capacity in the region.

• Nordic July down 4.67% €28.60/MWh from €30/MWh on 7 June.
• TTF Gas JUL 24 down 1.4% at 32.65 EUR/MWh
• Germany Base Pwr JUL 24 down 2.6% at 72.66 EUR/MWh.
• Finland’s nuclear capacity is still anticipated to climb by 890MW on 16 June as maintenance at the Olkiluoto 1 will be completed, latest remit data show. The 1.07GW Ringhals 3 is still due to return on 29 June.
• Nordic nuclear reactors were operating at 81% of capacity on Monday, up from 79% on Friday, with 9 of 11 units online. Mostly due to the increased generation capacity of TVO’s 1.6GW Olkiluoto 3, currently operating at about 1.5GW of capacity, TVO show.
• The only nuclear unit that will undergo planned maintenance over the month will be the 990MW Forsmark unit 1, with works taking place over 30 June-7 July curtailing its capacity by 495MW. The unit will then be fully offline over 7-27 July.
• Closer in, maintenance at the 1GW interconnector in the DE-DK2 direction and the 985MW power link in DK2-DE direction will now complete works on 12 June – which could weigh on prices in Germany due to cheaper Danish power.
• Average temperatures throughout the two-week forecast in the Nordics are expected between 12.5-14C over 10-14 June compared to the 30-year norm of around 14C. Temperatures are then forecast to rise over 15-19 June between 14-18.5C.
• Norwegian wind is forecast at a 31% load factor, or 1.6GW on 11 June – unchanged on the day – Wind is then expected to drop between 12-19%, or 0.638-0.987GW over 12-13 June, according to Spotrenewables.