Nordic Sept on Track to Rebound

The Nordic September could rebound from the previous session as forecasts point to a drier outlook than previously expected on Tuesday, while neighbouring EU power markets are being supported by slight price increases in TTF and emissions – which could raise domestic costs.

• Nordic Base Power SEP 24 down 2.5% at 26.8 EUR/MWh on 13 August.
• France Base Power SEP 24 up 1.1% at 64.25 EUR/MWh
• Germany Base Power SEP 24 up 1.9% at 91.99 EUR/MWh
• EUA DEC 24 up 1.3% at 72.2 EUR/MT
• TTF Gas SEP 24 up 1.7% at 40.165 EUR/MWh
• Norway’s hydrological balance is still expected to turn positive towards the end of August, however, slightly less than previously forecast, with the balance now expected to reach around +566GWh compared to +1,030GWh anticipated on Tuesday morning.
• Nuclear availability in the region is expected to drop in September owing to maintenance at the 1.13GW Ringhals unit 4 over 15 August-13 September and the 1.17GW Forsmark unit 3 over 1 September-18 October, the latest remit data show.
• The 500MW Loviisa unit 1 will also be offline from 31 August to 30 September.
• Closer in, Norwegian wind is anticipated at a 14-21% load factors, or 0.725-1.12GW on 15-16 August – which could weigh down power prices on delivery.
• Nordic nuclear reactors were operating at 86% of capacity on Wednesday, down from 88% on the previous day.