May 21, 2024 07:47 GMT
Nordic June Climbs to Monthly High
POWER
The Nordic June baseload power contract is at a May high on Tuesday morning amid increased prices in the energy complex from yesterday’s trading session, as no liquidity for the contract was seen on Monday due to a public holiday. Limited nuclear maintenance is still anticipated over June, and above-normal temperatures in the Nordics are expected to weigh on power demand.
- Nordic M1 24 Baseload power contract up ~12.51% at €38.93/MWh.
- TTF M1 24 down 0.06% at €31.77/MWh at the time of writing but the highest since 6 May.
- Swedish utility Vattenfall has pushed back the start of their 1.11GW Forsmark nuclear reactor by 1 day to 23 May on 18 May, latest Remit data show. The unit is still expected to start up on that date at 12:00 CET.
- The 1.08GW Ringhals unit 3 nuclear power plant is still expected to be the only nuclear plant off line over June, with works occurring from 15 May-29 June.
- Nordic hydro output could be limited over June as the reservoir stocks begin to be saved for the upcoming winter season – limiting baseload generation.
- Norway’s 600MW Svartisen hydro power plant will be offline over June, with the unit returning on 12 July.
- The 280MW unit 1 at the 840MW Aurland hydro plant will also have maintenance over 27 May-14 June.
- Average temperatures in the Nordics are forecast at ~15-17C over June, up compared to the 30-year norm ~14-16C, according to Bloomberg model.
- Closer in, Norwegian wind is forecast at load factors of 32-38%, or 1.66-1.98GW over 22-13 May- up by around 100MW on the day. Wind is then forecast to drop between 15-17%, or just 787-909MW over 24-25 May.
270 words