POWER
Nordic hydro stocks over 13-19 May (week 20) rose to their highest since week 7 of this year, with Finnish stocks climbing to a new yearly high, while Norwegian and Swedish reservoir levels rose to the highest in weeks. Stocks could continue to be supported this week amid rainfall anticipated in Norway for the remainder of the week, with nuclear availability increasing next week.
- Hydro reservoir level up to 40.1%, or about 50.89TWh, from 30.7%, or 38.95TWh in week 19. This is the highest reservoir levels have been since week 7 of this year, when they stood at 41.5% of capacity.
- Hydro stocks had the fastest week-on-week gain for this year, up 9.4 percentage points (PP) compared to a 4.4 percentage point rise in week 19.
- On the year, hydro stocks are up 4.4 percentage points – the highest year-on year comparison so far in 2024.
- And reservoir levels narrowed their deficit to the 19-year avg to the lowest this year at just 0.5pp compared to a 6.1pp deficit in the previous week.
- Finnish hydro levels increased to 63.9%, or 3.53TWh – a yearly high- but slightly down on the year when capacity was at 65.9% in the same week.
- Swedish hydro stocks rose to 36.8% of capacity from 24.6% in week 19. This is the highest stocks have been in the country since week 6.
- And Norwegian stocks reached 39.9% from 31.8%.
- Precipitation across Norway is expected between 10-20mm over the remainder of this week, with rain forecast at about 10-40mm over 27-28 May., according to Norway’s meteorological institute.
- And nuclear capacity in the Nordic region will rise by about 890MW next week as Finland’s Olkiluoto 1 nuclear power plant is still anticipated to return on 28 May.
- Power demand could be lower in the region as warmer-than-normal weather is expected across Europe over the next two weeks, according to Weather Services International, with temperatures in the Nordic region especially high relative to the 30-year norm.
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