Nordic July Erases Gains

Nordic July power base load erased earlier gains to trade lower on the day amid forecasts for wetter weather, outweighing support from outage extensions and gains in the German market driven by higher European gas prices.

• Nordic Base Power JUL 24 down 1.4% at 25 EUR/MWh
• Nordic Base Power Q3 up 0.2% at 30.8 EUR/MWh
• Nordic Base Power Q4 up 0.5% at 47.5 EUR/MWh
• The latest ECMWF forecast suggested temperatures will ease back from 28 June, remaining above the seasonal normal until 2 July, before being broadly in line with the average. Forecasts for precipitation have been further revised up for this week with rainfall to rise to 6.88mm on 28 June and to 9.01mm on 1 July, above the seasonal normal.
• Nuclear availability in the Nordics rose to 80% as of Wednesday, up from 78% on Tuesday, Bloomberg data showed, citing Fingrid data.
• In Finland, unplanned works at Olkiluoto 3 continue to reduce capacity until 5 July due to power supply issues.
• The unplanned outage at Olkiluoto 1, reducing capacity by 110MW, has been extended by one day until 27 June.
• In Sweden, the unplanned outage at Vattenfall’s 565MW Ringhals Block4 nuclear reactor has been extended until 2 July, from 27 June previously scheduled.
• Planned works at Vattenfall’s 1.08GW Ringhals Block 3 have been extended until 13 July, from 6 July previously scheduled, remit data showed.
• Vattenfall’s 1.04GW Forsmark 1 nuclear reactor will have intermittent reduced capacity between 26 August and 15 September due to tests, remit data showed. Unavailable capacity will range from 0-1040MW.