Nordic Sept Falls

Nordic front-month power is pulling back today with forecasts suggesting wetter weather in the Nordics and losses in the German power market and natural gas markets. Norway’s hydrological is expected to be positive until at least late August.

• Nordic Base Power SEP 24 down 1.4% at 25.25 EUR/MWh
• Germany Base Power SEP 24 down 2.4% at 84.7 EUR/MWh
• TTF Gas SEP 24 down 2% at 35.945 EUR/MWh
• TTF front month eases back from the high of the last week of around €37/MWh with Middle East supply risks and above normal temperatures weighed against muted industrial demand and building storage.
• The hydrological balance across Norway has been further revised up and is now forecast to be around 956GWh as of 21 August according to Bloomberg.
• Forecasts suggested precipitation in the Nordics have been slightly revised higher for this week with precipitation rising to 8.61mm on 9 August.
• Nordic nuclear availability was slightly down on the day at 90% of capacity today, down from 92% the previous day morning according to Bloomberg.
• Wind output in Norway is forecast at 942MW during baseload on Thursday and to rise further above 2GW during baseload this weekend according to SpotRenewables.
• Power demand in Norway is forecast to peak at 13.34GW on Wednesday and at 13.35GW on Thursday, Entso-E data showed.