Nordics- July Ticks Lower

Nordic front month power base load is edging lower today amid losses in neighbouring markets. Downside is limited by nuclear extensions, a slight rebound in European gas prices and forecasts suggesting drier weather.

• Nordic Base Power JUL 24 down 0.6% at 26.75 EUR/MWh
• Germany Base Power JUL 24 down 0.8% at 72.21 EUR/MWh
• The latest ECMWF forecast suggested precipitation is mostly below the seasonal normal for the next ten days.
• The latest ECMWF temperature forecast has been revised down, with temperatures to remain above the seasonal normal until 25 June before falling back below the average.
• Nordic nuclear availability stood last at 71% of capacity with 8 out 11 units online according to Bloomberg, citing Fingrid data.
• In Finland, maintenance at the 890MW Olkilutoto B1 has been extended by two days until 19 June.
• The return of Sweden’s 1.17GW Forsmark unit 3 has been delayed by almost a day to return on Wednesday morning after a valve problem caused an unplanned outage on 13 June.
• Planned works at Vattenfall’s 1.08GW Ringhals 3 nuclear reactor have been delayed until 6 July, from 29 June previously scheduled.
• The 565MW Ringhals Block 4 G42 nuclear reactor reported an unplanned outage for one day starting on Tuesday afternoon, remit data showed.
• In Norway, wind output forecasts for this week have been revised higher. Wind output is forecast at 305MW to 2.35GW during base load on 19-27 June according to SpotRenewables.