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Nordic June Rebounds Amid Nuclear Start-Up Delay

POWER
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The Nordic June baseload power contract rebounded from its two-day downward trend on Monday amid Finnish nuclear plant operator TVO delaying its 890MW Olkiluoto 1 (OL1) start-up to 16 June from 28 May. The contact could be further supported as the session progresses owing to a moderate price increase in the surrounding European power markets and the energy complex.

  • Nordic M1 24 Baseload power contract up 3.24% at €35/MWh.
  • Works at the 890MW OL1 nuclear reactor in Finland was pushed back further due to further repair works, the latest Remit data show. But this is the “best estimate” and there is risk in the given schedule depending on the scope of the repairs, TVO said.
  • The 1.08GW Ringhals unit 3 nuclear power plant is still expected to return to the grid on 29 June.
  • Despite this, Nordic nuclear reactors were operating at 74% of capacity on Monday, up from 73% on Friday, with 9 of 11 units online, according to Bloomberg.
  • Average temperatures in the Nordics forecast at ~14.5C in June, up from ~10.6C averaged in May, according to Bloomberg model.
  • Closer in, temperatures are anticipated to be higher than the 30-year norm over 1-5 June at about 15-17C, before falling below the seasonal average of 14C over 6-8 June.
  • Norwegian wind is forecast at load factors of 20-34%, or 1.05-1.79GW over 28-29 May-unchanged on the day. Wind is then forecast to drop between 12-19%, or 0.63-1GW over 30-31 May.
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The Nordic June baseload power contract rebounded from its two-day downward trend on Monday amid Finnish nuclear plant operator TVO delaying its 890MW Olkiluoto 1 (OL1) start-up to 16 June from 28 May. The contact could be further supported as the session progresses owing to a moderate price increase in the surrounding European power markets and the energy complex.

  • Nordic M1 24 Baseload power contract up 3.24% at €35/MWh.
  • Works at the 890MW OL1 nuclear reactor in Finland was pushed back further due to further repair works, the latest Remit data show. But this is the “best estimate” and there is risk in the given schedule depending on the scope of the repairs, TVO said.
  • The 1.08GW Ringhals unit 3 nuclear power plant is still expected to return to the grid on 29 June.
  • Despite this, Nordic nuclear reactors were operating at 74% of capacity on Monday, up from 73% on Friday, with 9 of 11 units online, according to Bloomberg.
  • Average temperatures in the Nordics forecast at ~14.5C in June, up from ~10.6C averaged in May, according to Bloomberg model.
  • Closer in, temperatures are anticipated to be higher than the 30-year norm over 1-5 June at about 15-17C, before falling below the seasonal average of 14C over 6-8 June.
  • Norwegian wind is forecast at load factors of 20-34%, or 1.05-1.79GW over 28-29 May-unchanged on the day. Wind is then forecast to drop between 12-19%, or 0.63-1GW over 30-31 May.