Forward prices extend declines on wetter weather forecasts
Oct 16 (Reuters) -Nordic forward power eased on Wednesday, and were set for a second straight daily loss, weighed down by forecasts of wetter weather in the hydropower-dependent region.
* Nordic front-quarter power contract ENOFBLQc1 fell 0.83 euro to 57.35 euros per megawatt hour (MWh) at 1009 GMT.
* The Nordic front-year contract ENOFBLYc1 lost 0.4 euro to 39.75 euros per MWh.
* "Weather is the main culprit (pressurizing prices) with wetter and windier solutions. The already known rise in temperature will pressure spot and the forward market is reacting to this," said Axel Weyler, an originator at Entelios Trading AB.
* "Hydrological balance is strong enough at the moment to limit any large increases in prices."
* Nordic water reserves available 15 days ahead PCAEC00 were seen 2.8 terawatt hours (TWh) above normal, unchanged from Tuesday.
* Germany's Cal'25 TRDEBYc1, Europe's benchmark power contract, fell 1.2 euros to 87.50 euros per MWh.
* Carbon front-year allowances CFI2Zc1 eased 1.1 euros to 64.05 euros a tonne.
* Dutch and British wholesale gas prices edged up on Wednesday morning on Norwegian outages and forecasts for weaker wind output. NG/EU
* "The next two weeks will be dominated by high pressure over continental Europe and low pressure over the northern North Atlantic. The resulting southerly to southwesterly flow will bring mild and calm weather to the continent," said Georg Muller, a meteorologist at LSEG.
* "The west and north of Europe will be unsettled and occasionally wet."
* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, decreased 22.48 euros to 15.76 euros per MWh.
Reporting by Anushree Mukherjee in Bengaluru; Editing by Varun H K
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