TRUDEAU SAYS IT LOOKS LIKE BOC WILL BE LOWERING RATE AGAIN

MNI BRIEF: Canada Commits To Just One Of Three Fiscal Anchors

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI China Daily Summary: Tuesday, December 10

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.14B BSL

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

POWER: Nordic Oct Could Fall Lower

POWER
BulletPower BulletsEnergy BulletsCommodities

The Nordic October contract could be weighed down — once it becomes liquid – as neighbouring European power markets are trending lower due to losses in TTF, with an upward revision of Sweden’s hydro balance placing further downward pressure, however, hydro-rich Norwegian reserves have been forecasted lower.

  • Nordic Base Power OCT 24 closed down 0.2% at 22.5 EUR/MWh on 11 Sept.
  • Germany Base Power OCT 24 down 1% at 79.86 EUR/MWh
  • EUA DEC 24 down 0.8% at 65.9 EUR/MT
  • TTF Gas OCT 24 down 1.2% at 35.7 EUR/MWh
  • Norway’s hydrological balance has been revised down from previous forecasts over 11-26 September, with the highest revision over 23-25 Sept at around -300 GWh/d ending at +1.36TWh on 26 September.
  • Finland’s hydro balance has been slightly revised up, however, still being negative towards the end of this month, while Sweden is expected to end at +1.34TWh on 26 Sept, up from the previous forecast of +1.29TWh.
  • Nordic hydropower reserves did rise last week (week 36), however, at the slowest pace since week 31, with stocks at 80.3% of capacity, or 101.93TWh – reserves widened their deficit to the 19-year avg.
  • Closer in, Norwegian wind is to be lower on the day on 13 September at around 1.80GW – down from the 2.20GW forecast for today, with wind then falling to 0.708GW on 14 September – which could keep losses limited caused by typically low weekend demand.
  • Nordic nuclear availability was at 64%, down from 63% on Wednesday, according to Bloomberg.
  • The 1.13GW Ringhals unit 4 is expected to return to the grid on 15 September – extended by one day -, latest Remit data show.
263 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

The Nordic October contract could be weighed down — once it becomes liquid – as neighbouring European power markets are trending lower due to losses in TTF, with an upward revision of Sweden’s hydro balance placing further downward pressure, however, hydro-rich Norwegian reserves have been forecasted lower.

  • Nordic Base Power OCT 24 closed down 0.2% at 22.5 EUR/MWh on 11 Sept.
  • Germany Base Power OCT 24 down 1% at 79.86 EUR/MWh
  • EUA DEC 24 down 0.8% at 65.9 EUR/MT
  • TTF Gas OCT 24 down 1.2% at 35.7 EUR/MWh
  • Norway’s hydrological balance has been revised down from previous forecasts over 11-26 September, with the highest revision over 23-25 Sept at around -300 GWh/d ending at +1.36TWh on 26 September.
  • Finland’s hydro balance has been slightly revised up, however, still being negative towards the end of this month, while Sweden is expected to end at +1.34TWh on 26 Sept, up from the previous forecast of +1.29TWh.
  • Nordic hydropower reserves did rise last week (week 36), however, at the slowest pace since week 31, with stocks at 80.3% of capacity, or 101.93TWh – reserves widened their deficit to the 19-year avg.
  • Closer in, Norwegian wind is to be lower on the day on 13 September at around 1.80GW – down from the 2.20GW forecast for today, with wind then falling to 0.708GW on 14 September – which could keep losses limited caused by typically low weekend demand.
  • Nordic nuclear availability was at 64%, down from 63% on Wednesday, according to Bloomberg.
  • The 1.13GW Ringhals unit 4 is expected to return to the grid on 15 September – extended by one day -, latest Remit data show.