Nordic power forward prices climb as related markets rise, wetter weather caps gains
UNG•Nordic front-quarter power rose €2.05, or 1.9%, to €109.25 per MWh, while the front-year contract gained €1.20, or 1.8%, to €67 per MWh. Gains in European gas and German power markets supported prices, while wetter weather prospects limited the rise.
1. Power contracts advance
Nordic forward power prices rose on Tuesday, supported by higher European gas and German power prices. The front-quarter baseload contract increased €2.05, or 1.9%, to €109.25 per MWh at 1113 GMT, and the front-year contract gained €1.20, or 1.8%, to €67 per MWh.
2. Weather limits gains
Rising gas prices were the main price driver, LSEG power analyst Ole Djupskaas said, while improved water reserves weighed on prices. Nordic water reserves available 15 days ahead were 5.63 TWh below normal on Tuesday, compared with 6.74 TWh below normal on Monday. LSEG meteorologist Georg Muller said a westerly flow would dominate northern Europe over the next two weeks, bringing unsettled, windy and occasionally wet weather to Scandinavia, often above normal, with near-normal temperatures.
3. Related markets rise
Dutch and British gas prices rose on low storage levels and a likely fall in temperatures. Germany's Cal '26 baseload contract advanced €3.52, or 2.7%, to €133.85 per MWh, while front-year carbon allowances rose €0.67, or 0.8%, to €84.54 a ton.
