MNI: EUROZONE NOV FINAL MANUF PMI 45.2 (FLASH 45.2); OCT 46.0

MNI: GERMANY NOV FINAL MANUF PMI 43.0 (FLASH 43.2); OCT 43.0

MNI: FRANCE NOV FINAL MANUF PMI 43.1 (FLASH 43.2); OCT 44.5

MNI: PBOC Net Drains CNY216 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1865 Mon; -1.50% Y/Y

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 29

MNI: ITALY NOV MANUF PMI 44.5 (FCST 46.0); OCT 46.9

MNI: SPAIN NOV MANUF PMI 53.1 (FCST 54.0); OCT 54.5

MNI: AUSTRALIA Q3 BIZ INDICATORS INVENTORIES -0.9%

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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

WEATHER: Upcoming Cooler Temps to Likely support Nordic Delivery Costs

WEATHER
Energy BulletsBulletPower BulletsCommodities

Average Nordic temperatures are anticipated at around 8.45C over October, with temps dropping to as low as -2.12C into February 25 – likely supporting heating demand and raising delivery costs – however, wind speeds are forecast to steadily rise, while limited nuclear maintenance is anticipated over Nov 24-Feb 25, latest Remit data show.

  • Average temps in November are seen at 2.94C – relatively in line with the seasonal norm – before dropping to -0.5C in December, ECMWF shows.
  • Temperatures are then estimated to fall to -2.18C and -2.12C in Jan-Feb, respectively, compared to the norm of -2.58C and -2.44C.
  • However, wind speeds are forecast to climb to averages between 1.43-1.82 m/s over Nov 24-Feb 25 higher than forecasts for Sept.
  • Nuclear availability is anticipated to be strong over Nov 24- Feb 25 as no major outages are anticipated, however, with recent unplanned curtailments of the Forsmark 1 and OL3 nukes capacity could be impacted if the issues are not resolved.

  • The Nordic system-wide spot averaged €74.58/MWh in November 2023, up from just €26.47/MWh in Oct 2023. This compares to the Nordic Base Power NOV 24 down 3.1% at 43.1 EUR/MWh

     

185 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.

Average Nordic temperatures are anticipated at around 8.45C over October, with temps dropping to as low as -2.12C into February 25 – likely supporting heating demand and raising delivery costs – however, wind speeds are forecast to steadily rise, while limited nuclear maintenance is anticipated over Nov 24-Feb 25, latest Remit data show.

  • Average temps in November are seen at 2.94C – relatively in line with the seasonal norm – before dropping to -0.5C in December, ECMWF shows.
  • Temperatures are then estimated to fall to -2.18C and -2.12C in Jan-Feb, respectively, compared to the norm of -2.58C and -2.44C.
  • However, wind speeds are forecast to climb to averages between 1.43-1.82 m/s over Nov 24-Feb 25 higher than forecasts for Sept.
  • Nuclear availability is anticipated to be strong over Nov 24- Feb 25 as no major outages are anticipated, however, with recent unplanned curtailments of the Forsmark 1 and OL3 nukes capacity could be impacted if the issues are not resolved.

  • The Nordic system-wide spot averaged €74.58/MWh in November 2023, up from just €26.47/MWh in Oct 2023. This compares to the Nordic Base Power NOV 24 down 3.1% at 43.1 EUR/MWh