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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.
POWER
Nordic hydro stocks over 20-26 May (week 21) moved upward for the fourth consecutive week, albeit slowing on the week, as levels across the region increased, with stocks flipping to surplus to the 19-year average. Hydro reservoirs could be weighed on this week due to above-normal temperature forecasts and the delayed restart of nuclear units.
- Hydro reservoir levels were at 48.6%, or about 61.72TWh, last week from 40.1%, or 50.97TWh in week 20. This is the highest reservoir levels have been since week 4 of this year.
- But Hydro stocks slowed their week-on-week gain, moving up by 8.5 percentage points (PP) compared to a 9.4 PP rise in week 20. This is the slowest week-on-week gain since week 19.
- Hydro stocks widened their surplus to the same week in 2023 to a fresh yearly high of 5.8 PP up from 4.4 PP.
- And Reservoir levels flipped to a 3.3 PP surplus to a 19-year avg from being at just a 0.5 PP deficit last week. This is the first time this year that stocks have been above the 19-year average.
- Finnish hydro levels increased again 72.6%, or about 4TWh – the highest since week 47 in 2023 at 73.4% of capacity.
- Swedish hydro stocks rose to 46.1% of capacity from 36.8% in week 20 as stocks increased in all Sweden’s bidding zones, except for the SE4 area.
- And Norwegian stocks climbed to 48.1% from 40%, with stocks higher on the week in all five of Norway’s bidding areas.
- Average temperatures in the Nordics are anticipated to be above the 30-year norm of about 14C over 30 May-7 June, with temperatures reaching as high as 19C over 31 May-3 June – potentially increasing power demand and supporting power prices.
- And nuclear capacity in the Nordic region has not increased as previously expected this week as works at the 890MW Olkiluoto 1 nuclear reactor in Finland were extended to 16 June from 28 May, the latest Remit data show.
- The 101MW curtailment at the 1.6GW Olkiluoto 3 has also been extended to 7 June, with its capacity lowered as much as 470MW for some hours on 29 May.
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.
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