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Nordic Front Quarter Power Falls from May High

POWER

The Nordic front quarter baseload power contract declined from its May high yesterday amid lower summer power demand due to warmer temperatures in the region. But European gas prices are up slightly early Wednesday morning despite fundamentals being relatively unchanged, which could support the contract as the trading session progresses.

  • Nordic Q3 24 Baseload power contract down 4.10% at €37.40/MWh – two-day low.
  • TTF M2 24 up 1.33% at €30.315/MWh.
  • TTF M3 24 up 1.30% at €30.665/MWh.
  • Total European gas storage was 65.19% full on May 12 according to GIE compared to the five-year seasonal average of 50.8% with near normal net injection rates on the day.
  • Swedish and Finnish nuclear maintenance is anticipated over the quarter, which could support power prices on delivery.
  • Sweden’s 990MW Forsmark unit 1 will be disconnected over 30 June-27 July, with the 1.13GW Ringhals unit 4 off line over 15 August-13 September, latest Remit data show.
  • Finland’s 507MW Lovissa unit 2 will also be disconnected over 4-25 August, with the Loviisa unit 1 off line over 31 August-30 September.
  • And the 1.17GW Forsmark unit 3 will be offline over 1 September-18 October.

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