July 12, 2019 / 12:00 PM / in 7 months

NORDIC POWER-Forward prices dip on wet weather forecast

July 12 (Reuters) - Nordic forward rates dipped on Friday, weighed down by expectations of wetter weather in the hydropower-dependent region, and lower emission and fuel prices.

* Nordic front-quarter baseload power contract slipped 0.2 euros to 42.00 euros per megawatt hour (MWh) as of 1042 GMT, after hitting a nearly two-month high in the previous session.

* Nordic front-year lost 0.3 euros to 37.80 euros/MWh, but recorded its third straight week of gains having hit a highest since late April on Thursday.

* Wetter weather is the primary factor that is weighing on prices, said Oddgeir Loeken, managing director at Kirkesundet Kraft.

* Nordic water reserves available 15 days ahead were seen at 3.52 terawatt hours (TWh) below normal, compared with 8.07 TWh below normal on Thursday.

* Later part of the next week will see some increased activity in Norway, with above normal rain in the country’s west, said Georg Muller, a meteorologist at Refinitiv.

* Carbon front-year allowances eased 0.1 euro to 28.19 euros a tonne after hitting an 11-year high on Thursday.

* European next-year coal prices fell $0.6 to $68.50 a tonne.

* The Nordic power price for next-day physical delivery , or system price, fell 0.28 euros to 36.57 euros per MWh at an auction on the Nord Pool exchange, but came above analysts’ Monday estimate of 35.3 euros per MWh.

* Spot prices are being hurt by higher inflow into water reserves, lower power consumption throughout the weekend and higher wind power output in the Nordic region, according to Gabriele Martinelli, a Refinitiv Nordic power analyst. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Maju Samuel)

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