Front-quarter prices headed for its best week in five
Sept 20 (Reuters) -Nordic forward power prices rose on Friday, while front-quarter contract was en route to log its best week in five, supported by higher German power rates and a slip in water levels in the hydropower-dependent region.
* Nordic front-quarter power contract ENOFBLQc1 rose 1.36 euros to 37.36 euros per megawatt hour (MWh) at 0932 GMT. The contract added about 0.8% so far this week.
* Nordic front-year ENOFBLYc1 gained 1.25 euros to 38.75 euros per MWh. The contract lost about 3% this week.
* "It's mainly that the German power is up" and the Nordic power market tends to follow the surrounding markets, said Sigve Ekeland, managing director at Cemon AS.
* Germany's Cal'25 TRDEBYc1, Europe's benchmark contract, added 1.9 euros to 83.9 euros per MWh.
* Dutch and British wholesale gas prices rose early on Friday, trading in a narrow range, amid cold weather forecasts and after a Ukrainian news outlet backed away from its report that Ukraine had agreed to transit Azerbaijani gas to Europe. NG/EU
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 7.92 terawatt hours (TWh) above normal, compared with 7.97 TWh above normal on Thursday.
* However, the weather forecast looks bearish and in the near term the market is expected to be range bound, Ekeland said.
* Carbon front-year allowances CFI2Zc1 rose 1.11 euros to 63.93 euros a tonne.
* "A westerly flow pattern will establish next week and will likely remain dominant until October... bringing wetter and windier weather," Georg Muller, a meteorologist at LSEG, said in a note.
* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, rose 2.76 euros to 23.59 euros per MWh.
Reporting by Rahul Paswan in Bengaluru; Editing by Shreya Biswas
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