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POWER: Nordic Front Month Falls on Wetter Outlook, TTF and EU Power

POWER
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The Nordic December is trading in red territory amid stronger forecasts of Sweden’s and Norway’s hydro balance, with losses in neighbouring EU countries amid declines in TTF and milder weather in NW European region also adding further downward pressure. But mean temperatures in the Nordics are still expected to dip into negative territory over 4-7 December.

  • Nordic Base Power DEC 24 down 4.6% at 45.5 EUR/MWh
  • France Base Power DEC 24 down 1.8% at 93.9 EUR/MWh
  • Germany Base Power DEC 24 down 2% at 98.7 EUR/MWh
  • EUA DEC 24 up 0.1% at 67.67 EUR/MT
  • TTF Gas JAN 25 down 0.5% at 46.455 EUR/MWh
  • The unplanned curtailment at the 1.44GW Nordlink interconnector between Germany and Norway (NO2) has been extended to end on 30 Nov 23:59 CET, from 29 Nov 23:59 CET, latest Remit data show.
  • Norway’s hydrological balance was revised up over 6-13 Dec, with the balance expected to end at +6.11TWh on 13 Dec compared to +5.72TWh in the previous estimate.
  • Sweden’s balance is also expected to be slightly higher on the day and is now anticipated at +3.18TWh on 13 Dec from +3.14TWh previously estimated for the same day.
  • Average temperatures in the Nordics are expected above the 30-year norm across 29 Nov-3 Dec, ECMWF forecasts show but will dip below over 4-7 Dec to between minus 0.1C and minus 2.26C.
  • Closer in, Nordic nuclear reactors were operating at around 87% capacity on Friday morning, edging up from 86% on Thursday, according to Bloomberg.
  • Norwegian wind is anticipated at 0.964GW, or an 18% load factor, on 30 Nov (Fri) down from forecasts anticipated today – which could limit losses from a drop in demand.
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The Nordic December is trading in red territory amid stronger forecasts of Sweden’s and Norway’s hydro balance, with losses in neighbouring EU countries amid declines in TTF and milder weather in NW European region also adding further downward pressure. But mean temperatures in the Nordics are still expected to dip into negative territory over 4-7 December.

  • Nordic Base Power DEC 24 down 4.6% at 45.5 EUR/MWh
  • France Base Power DEC 24 down 1.8% at 93.9 EUR/MWh
  • Germany Base Power DEC 24 down 2% at 98.7 EUR/MWh
  • EUA DEC 24 up 0.1% at 67.67 EUR/MT
  • TTF Gas JAN 25 down 0.5% at 46.455 EUR/MWh
  • The unplanned curtailment at the 1.44GW Nordlink interconnector between Germany and Norway (NO2) has been extended to end on 30 Nov 23:59 CET, from 29 Nov 23:59 CET, latest Remit data show.
  • Norway’s hydrological balance was revised up over 6-13 Dec, with the balance expected to end at +6.11TWh on 13 Dec compared to +5.72TWh in the previous estimate.
  • Sweden’s balance is also expected to be slightly higher on the day and is now anticipated at +3.18TWh on 13 Dec from +3.14TWh previously estimated for the same day.
  • Average temperatures in the Nordics are expected above the 30-year norm across 29 Nov-3 Dec, ECMWF forecasts show but will dip below over 4-7 Dec to between minus 0.1C and minus 2.26C.
  • Closer in, Nordic nuclear reactors were operating at around 87% capacity on Friday morning, edging up from 86% on Thursday, according to Bloomberg.
  • Norwegian wind is anticipated at 0.964GW, or an 18% load factor, on 30 Nov (Fri) down from forecasts anticipated today – which could limit losses from a drop in demand.