Nordic Power – July Falls on Wetter Weather

The Nordic July power base-load contract is pulling back today, shrugging off gains in neighbouring CWE markets amid higher gas prices, as forecasts suggested a wetter outlook.

• Nordic Base Power JUL 24 down 1.1% at 26 EUR/MWh
• Nordic Base Power Q3 down 0.5% at 31.25 EUR/MWh
• TTF has recovered after falling to a low of €33.64/MWh yesterday with support from hot weather across Europe this week, although stable fundamentals and forecast of a cooler start to July are limiting upside gains.
• The latest ECMWF forecast suggested temperatures will ease back from 28 June, remaining above the seasonal normal until 1 July, before being broadly in line with the average. Precipitation has been revised higher for the 6-10 day forecast period, with rainfall in the Nordics to rise as high as 7.9mm on 4 July.
• Nuclear availability in the Nordics rose to 78% as of Tuesday, up from 71% on Monday, Bloomberg data showed, citing Fingrid data.
• Unplanned works at Finland’s Olkiluoto 3 continues to have reduced capacity until 5 July due to power supply issues.
• Olkiluoto 1 will have reduced capacity of 110MW until Wednesday evening in an unplanned outage.
• In Norway, wind output is forecast at 406MW to 1.77GW during base load between 26 June and 4 July according to SpotRenewables.