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POWER: Nordic Hydro Reserves Reach 2024 High, Sweden at 93% Capacity

POWER
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Nordic hydropower reserves climbed to their highest so far this year in week 43, with stocks now at 85.6% of capacity amid Sweden’s reservoir levels reaching 93.5% as a drop in demand on the week in the region offset slightly lower nuclear output and precipitation.

  • Stocks increased by 4.6 percentage points compared to a just 0.6-point gain the week before – rising for the third consecutive week and the highest on week gain since week 22.
  • Precipitation in the Nordic region fell on the week to a total of 10.9mm in week 43 compared to 13.6mm in week 42 and 37.45mm in week 41.
  • But lower demand on the week reduced the stress on stocks, with Norwegian demand averaging about 15GW down from 15.13GW in week 42 and lower than 15.33GW in week 41. Swedish demand averaged around 14GW compared to 14.24GW in week 42.
  • Swedish nuclear generation fell on the week to around 4.85GW from 5.3GW amid the delayed return of the 1.12GW Forsmark unit 2. Finnish generation remained firm at 3.86GW in week 43 from 3.83GW in week 42 and up from 3.71GW in week 41.
  • Reservoir levels flipped to a 2.9-point on-year surplus from a 4.1-point deficit in week 42.
  • And Hydro levels are now at a 2.8-point surplus to the 19-year average from a 3-point deficit the week prior.
  • Swedish reserves moved upward to be at 93.5% capacity from 81.8% of capacity in week 42 – reaching a 2024 high –, with Norwegian reserves at 85.5% from 82% in week 42 – also a yearly high.
  • And Finnish hydro stocks continued to climb, rising to 60.7% of capacity from 60% the week prior but lower than 77.6% recorded for the same week last year.
  • Looking ahead, the latest ECMWF suggests Norway’s and Sweden’s hydrological balance to end at +5.89TWh and +3.11TWh, respectively, on 14 Nov compared to +5.09TWh and +2.59TWh in the previous forecasts for the same day.
  • But precipitation in the region will dip below the norm on 2 Nov and fall towards the lower end of the forecast at around 0mm over 4-8 Nov – possibly impacting Nordic hydro stocks.

  • But with no notable outages at nuclear power plants in the region so far this week and into next week – stocks could still be supported.




     

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Nordic hydropower reserves climbed to their highest so far this year in week 43, with stocks now at 85.6% of capacity amid Sweden’s reservoir levels reaching 93.5% as a drop in demand on the week in the region offset slightly lower nuclear output and precipitation.

  • Stocks increased by 4.6 percentage points compared to a just 0.6-point gain the week before – rising for the third consecutive week and the highest on week gain since week 22.
  • Precipitation in the Nordic region fell on the week to a total of 10.9mm in week 43 compared to 13.6mm in week 42 and 37.45mm in week 41.
  • But lower demand on the week reduced the stress on stocks, with Norwegian demand averaging about 15GW down from 15.13GW in week 42 and lower than 15.33GW in week 41. Swedish demand averaged around 14GW compared to 14.24GW in week 42.
  • Swedish nuclear generation fell on the week to around 4.85GW from 5.3GW amid the delayed return of the 1.12GW Forsmark unit 2. Finnish generation remained firm at 3.86GW in week 43 from 3.83GW in week 42 and up from 3.71GW in week 41.
  • Reservoir levels flipped to a 2.9-point on-year surplus from a 4.1-point deficit in week 42.
  • And Hydro levels are now at a 2.8-point surplus to the 19-year average from a 3-point deficit the week prior.
  • Swedish reserves moved upward to be at 93.5% capacity from 81.8% of capacity in week 42 – reaching a 2024 high –, with Norwegian reserves at 85.5% from 82% in week 42 – also a yearly high.
  • And Finnish hydro stocks continued to climb, rising to 60.7% of capacity from 60% the week prior but lower than 77.6% recorded for the same week last year.
  • Looking ahead, the latest ECMWF suggests Norway’s and Sweden’s hydrological balance to end at +5.89TWh and +3.11TWh, respectively, on 14 Nov compared to +5.09TWh and +2.59TWh in the previous forecasts for the same day.
  • But precipitation in the region will dip below the norm on 2 Nov and fall towards the lower end of the forecast at around 0mm over 4-8 Nov – possibly impacting Nordic hydro stocks.

  • But with no notable outages at nuclear power plants in the region so far this week and into next week – stocks could still be supported.