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Nordic Front-Month Flips Green

POWER

The Nordic July baseload power contract has flipped into green territory amid an unplanned outage at a Swedish nuclear power plant, with gas and cooler temperatures compared to the seasonal norm adding support.

  • Nordic Base Pwr JUL 24 up 2% at 35.25 EUR/MWh
  • TTF Gas JUL 24 up 2.4% at 33.9 EUR/MWh
  • Germany Base Pwr JUL 24 up 0.4% at 74.93 EUR/MWh
  • Swedish firm Vattenfall’s 1.17GW Forsmark unit 3 unexpectedly disconnected from the grid at 10:40CET today, with the unit anticipated to be back online on 11 June, although the exact duration is unknown, latest Remit data show.
  • Nuclear capacity was already dented due to maintenance at the 890MW Olkiluoto 1 and 1.07GW Ringhals unit 3, slated to return on 16-29 June, respectively.
  • Regionally, average temperatures in Helsinki are expected to be between 13.5-15C over 11-15 June, with temperatures in Oslo and Stockholm between 10.7-13.4C and 11.5-14.4C, respectively, over the same period. Compared to the Nordic 30-year norm of 14C.
  • Gas prices have rallied also as the market remains cautious of supply risks due to Europe looking to slowly build natural gas stores ahead of next winter.
  • And warm weather is also boosting demand in Asia, with an active Atlantic hurricane season forecast placing upside risks to LNG supplies to Europe.
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