Nordic September Eyes Weekly Net Decline

The Nordic September power contract is currently tracking a weekly net decline from last Friday’s close of €34.80/MWh, shrugging off gains from neighbouring markets and European gas.

• Nordic Base Power SEP 24 closed up 0.7% at 28.8 EUR/MWh on 1 August.
  • Germany Base Power SEP 24 down 1.7% at 85.93 EUR/MWh
  • TTF Gas SEP 24 down 1.4% at 36.46 EUR/MWh
• The hydrological balance across Norway is forecast to be negative in August and has been further revised down on the day for the end of the month. The balance is forecast at around -318GWh on 16 August.
• Forecasts for precipitation across the Nordics have been slightly revised down with precipitation to fall below the 30-year norm next week. Rainfall is forecast to pick up and rise back above normal from 7-8 August.
• Nordic nuclear availability has risen to 93% of capacity as of Friday, up from 87% a day earlier according to Bloomberg.
• The planned maintenance at Fortum’s 507MW Loviisa Block 2 nuclear reactor will start one day later, on 4 August, remit data showed. Works are scheduled to run until 25 August amid a normal refuelling outage.
• Wind in Norway is forecast to be broadly stable on the day at 479.9MW on Saturday. Wind is forecast to pick up slightly from mid next week according to SpotRenewables.