POWER: Nordic Front Month Falls on Wetter Outlook, ETS

The Nordic Front Month is failing to continue climbing from the previous session to lead losses on the Nordic future curve amid an upward revision the Norway’s hydro balance –reducing supply risks, while works at the 890MW OL2 unit has been extended to 31 August, latest Remit data show.

• Nordic Base Power SEP 24 down 1.3% at 23.2 EUR/MWh
• France Base Power SEP 24 down 1.3% at 71.15 EUR/MWh
• Germany Base Power SEP 24 down 0.1% at 90.54 EUR/MWh
• EUA DEC 24 down 0.1% at 70.97 EUR/MT
• Norway’s hydrological balance has been revised up from 1-13 September, with the largest revision over 11-13 September at +500 GWh/day. The balance is anticipated to end at +1.47TWh on 13 September.
• Nordic nuclear reactors were operating at 80% of capacity on Friday morning, down from 84% on the previous day, with 10 of 11 units still online.
• But the 890MW OL2 extended unplanned works to 31 August from 30 August, with the unit running lower by 80MW over 28-31 August at 07:15 CET before curtailing by 300MW for 1 hour on 31 August.
• Closer in, Norwegian wind is anticipated at a 6-22% load factors, or 0.313-1.14GW on 31 August-2 September – with prices further pressured by a drop in demand from 30 August.
• Wind is then expected at a 19% load factor on 2 September (Mon) – likely keeping downward pressures prices, however, with rising demand from the weekend prices could still be higher than previous days.