MNI BRIEF: Canadians Fuzzy On How BOC Hikes Slow CPI, Government's Role

CANADA FLASH MAY GDP +0.1% ON FACTORIES AND REAL ESTATE

MNI China Daily Summary: Friday, June 28

MNI BRIEF: BCB Evaluating Real Depreciation Impacts - Galipolo

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

MNI: BAKER HUGHES US RIG COUNT 581; OIL RIGS 479; GAS RIGS 97

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: BoE APF on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Nordic Front Quarter Up to Track Gains in European Markets

POWER
Homepagemarkets-real-timeBullet

The Nordic front quarter base load contract is edging up amid gains in the surrounding European power markets owing to rises in European gas and emissions. Prices could be supported on delivery as Norwegian hydro generation in 3Q compared to 2Q is typically lower due to stocks being saved for the upcoming winter season, with nuclear maintenance over the period expected.

  • Nordic Base Pwr Q3 24 up 0.5% at 37.25 EUR/MWh.
  • TTF Gas JUN 24 up 1.8% at 34.15 EUR/MWh.
  • Norwegian water reservoir output over the 3Q23 average ~9.35GW down from 11.82GW generated in 2Q23, data from Entso-E show. This trend was also apparent over 2020-22.
  • Sweden’s 1.13GW Ringhals block 4 in the SE3 bidding zone will shut down on 15 August-13 September.
  • The 990MW Forsmark unit 1 will go off line just before, with maintenance scheduled over 30 June-27 July.
  • The 1.17GW Forsmark unit 3 will go off line over 1 September-18 October.
  • Finland’s 507MW Loviisa unit 1 will also be disconnected over 31 August-30 September. The 507MW Loviisa unit 2 will be off line over 4-25 August.
  • Temperatures across the Nordics are anticipated to average between ~12-16C over the third quarter – with temperatures peaking in July.
  • Closer in, the Nordic region has a daily average of 1 heating degree days for the 1-5 day forecast, according to WSI, 4 below the 10-year norm.
  • In Helsinki, the mean temperature is forecast to rise as high as 19C on May 29, 6C above the 30-year norm – which could support power prices.
  • Capacity on 723MW NorNed power link will be curtailed by 103MW over 31 May-1 July, latest Remit data show. Limiting export capacity from Norway to the Netherland’s – which could add some support to power prices in the latter country.
282 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

The Nordic front quarter base load contract is edging up amid gains in the surrounding European power markets owing to rises in European gas and emissions. Prices could be supported on delivery as Norwegian hydro generation in 3Q compared to 2Q is typically lower due to stocks being saved for the upcoming winter season, with nuclear maintenance over the period expected.

  • Nordic Base Pwr Q3 24 up 0.5% at 37.25 EUR/MWh.
  • TTF Gas JUN 24 up 1.8% at 34.15 EUR/MWh.
  • Norwegian water reservoir output over the 3Q23 average ~9.35GW down from 11.82GW generated in 2Q23, data from Entso-E show. This trend was also apparent over 2020-22.
  • Sweden’s 1.13GW Ringhals block 4 in the SE3 bidding zone will shut down on 15 August-13 September.
  • The 990MW Forsmark unit 1 will go off line just before, with maintenance scheduled over 30 June-27 July.
  • The 1.17GW Forsmark unit 3 will go off line over 1 September-18 October.
  • Finland’s 507MW Loviisa unit 1 will also be disconnected over 31 August-30 September. The 507MW Loviisa unit 2 will be off line over 4-25 August.
  • Temperatures across the Nordics are anticipated to average between ~12-16C over the third quarter – with temperatures peaking in July.
  • Closer in, the Nordic region has a daily average of 1 heating degree days for the 1-5 day forecast, according to WSI, 4 below the 10-year norm.
  • In Helsinki, the mean temperature is forecast to rise as high as 19C on May 29, 6C above the 30-year norm – which could support power prices.
  • Capacity on 723MW NorNed power link will be curtailed by 103MW over 31 May-1 July, latest Remit data show. Limiting export capacity from Norway to the Netherland’s – which could add some support to power prices in the latter country.