Forward rates set for weekly fall as water level rises
Oct 18 (Reuters) -Nordic forward power contracts were headed for a weekly decline on Friday as water levels in the hydropower-reliant region rose, while lower European energy prices also weighed down the contracts.
* Nordic front-quarter power contract ENOFBLQc1 fell 0.3 euros to 57.2 euros per megawatt hour (MWh) at 0949 GMT. The contract was down for 1.9% for the week so far.
* The Nordic front-year contract ENOFBLYc1 lost 0.25 euros to 39.65 euros per MWh, and has lost 0.9% this week.
* "The beginning of the week saw forecast for little wetter weather which has influenced the whole acting for the market and we have also had a very low spot price for the week for a few days," said Axel Weyler, an originator at Entelios Trading AB.
* Nordic water reserves available 15 days ahead PCAEC00 were seen 4.87 terawatt hours (TWh) above normal, compared with 4.29 TWh above normal on Thursday.
* Dutch and British wholesale prices inched down on Friday morning on continued above-average temperatures, weaker demand and expectations of higher wind output. NG/EU
* The European energy market is also additionally weighing on prices, Weyler added.
* Germany's Cal'25 TRDEBYc1, Europe's benchmark power contract, was down 0.95 euros at 85.90 euros per MWh.
* Carbon front-year allowances CFI2Zc1 eased 0.4 euros to 62.58 euros a tonne.
* "The UK and France will remain unsettled with occasional rain," said Georg Muller, a meteorologist at LSEG.
* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, decreased 3.87 euros to 19.74 euros per MWh.
Reporting by Anushree Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala
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