Nordic Q3 Edges Higher

Nordic front quarter power base load is edging higher on the day amid thin trading volumes due to the upcoming Midsummer holiday in Sweden. Forecasts suggested a drier outlook in the Nordics, while further delays to nuclear works are likely to be supportive. European natural gas prices are also pulling higher, supporting CWE power.

• Nordic Base Power JUL 24 up 0.1% at 36.05 EUR/MWh
• The latest ECMWF forecast suggested temperatures will remain above the seasonal normal until at least 29 June, however, temperature will ease back from 27 June. Forecast suggested a dry outlook in the Nordics with only some precipitation on 22-23 June and from 27 June, but below the seasonal normal.
• Nordic nuclear availability increased to 70% as of Thursday morning, up from 64% the day prior, according to Bloomberg, citing Fingrid data.
• In Finland, output remains curtailed at the Olkiluoto 3 nuclear reactor until 5 July.
• The restart of the 1.17GW Forsmark 3 nuclear is currently scheduled on 25 June, however, the restart is uncertain due to a valve problem according to remit data.
• In Norway, wind output forecasts have been revised lower. Wind output is forecast at 487MW to 1.2GW during base load on 21-29 June according to SpotRenewables.