Nordic June Power Below May Average

The Nordic June Power contract has edged up slightly on Friday morning, although remaining below its May average since becoming the front month, as power prices in neighbouring European countries are currently trending higher. Nuclear availability in the Nordic region is up on the day, with the conclusion of maintenance at nuclear plants unchanged.

• Nordic Base Pwr JUN 24 up 5.55% at 31.40 EUR/MWh – the highest since 27 May.
  
• In contrast, the Nordic June Power product has averaged around €33.35/MWh at the end of May – including its current intraday price- with the monthly high at €39.80/MWh and a low of €29.75/MWh.
• Nordic nuclear reactors were operating at 79% of capacity on Friday, up from 78% on Thursday, with 9 of 11 units online, according to Bloomberg.
• Vattenfall Ringhals 3 reactor in Sweden is still expected to return on 29 June.
• And the start of Teollisuuden Voima 890MW Olkiluoto 1 unit in Finland will still return on 16 June.
• Average temperatures in Norway are expected to be above the 30-year norm of about 12C over 31 May- 4 June, with temperatures dipping below over 4-9 June, Bloomberg model Show.
• Closer in, limited availability on the 1GW German-DK2 interconnector is expected over 1 June-30 July due planned maintenance. The power link will run between 375-975MW of capacity on some days over the period, according to latest remit data.
• Norwegian wind output was revised up on the day by over 2GW between 3-5 June. Forecast point to wind at 0.811-1.11GW, or 15-21% load factors over 1-2 June, with output between 1.6-2.58W, or 31-49% load factors over 3-5 June, according to SpotRenewbles- possibly weighing down power prices in the region on delivery.