July 17, 2018 / 12:23 PM / in 2 years

NORDIC POWER-Front-quarter gains on dry weather and low water levels

July 17 (Reuters) - Nordic front-quarter power prices rose on Tuesday on a dry weather outlook and low water reserves, while weaker coal prices weighed on front-year rates.

* The Nordic front-quarter baseload power contract rose 0.15 euros to 53.05 euros per megawatt hour (MWh) at 1206 GMT.

* The front-year contract lost 0.29 euros to 37.47 euros/MWh.

* “While dry weather forecasts held front-quarter prices up, weaker coal prices weighed on front-year contracts,” said Ishavskraft portfolio manager Olav Grunde Lauvdal.

* European next-year coal prices fell $1.60 to $87.40 a tonne.

* Nordic water reserves available 15 days ahead were seen at 36.6 terawatt hours (TWh) below normal, against 35.2 TWh below normal on Monday.

* “The high pressure anomaly over northern Europe will prevail through the next two weeks and will thus keep the dry and warm pattern alive,” said Georg Muller, a meteorologist at Thomson Reuters.

* Carbon front-year allowances firmed by 0.05 euros to 15.98 euros a tonne.

* The Nordic power price for next-day physical delivery , or system price, fell by 0.69 euros to 51.82 euros/MWh at an auction on the Nord Pool exchange. Thomson Reuters analyst view: here (Reporting by Sumita Layek and Kishan Nair in Bengaluru Editing by David Goodman)

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