Front-year prices hit its lowest in over five months
Sept 19 (Reuters) -Nordic forward power prices dipped on Thursday, while the front-year contract hit its lowest level in more than five months, pressured by forecasts for wetter weather and an uptick in water reserves in the region.
* Nordic front-quarter power contract ENOFBLQc1 fell 1.16 euros to 36.45 euros per megawatt hour (MWh)at 0908 GMT.
* Nordic front-year ENOFBLYc1 lost 0.45 euros to 37.75 euros per MWh. The contract was at its lowest since April.
* "Next week will be increasingly cloudier and wetter. Temperatures will drop to near or below normal in the second half of the week. Precipitation amounts will be above normal," Georg Muller, a meteorologist at LSEG, said in a note.
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 7.97 terawatt hours (TWh) above normal compared with 5.82 TWh above normal on Wednesday.
* "The first signals on Thursday are bearish as the forecasts agree that low-pressure weather will start dominating next week. This could cause spot prices to fall again and will also affect futures contracts," analysts at Energi Danmark said in a note.
* "If the related markets rise, it could limit the downside."
* Dutch and British wholesale gas prices edged higher on Thursday morning as a ramp-up in Norwegian maintenance curbed supply. NG/EU
* Germany's Cal'25 TRDEBYc1, Europe's benchmark contract, added 0.9 euros to 87 euros per MWh.
* Carbon front-year allowances CFI2Zc1 rose 0.5 euros to 64.2 euros a tonne.
* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, fell 1.83 euros to 20.83 euros per MWh.
Reporting by Rahul Paswan in Bengaluru; Editing by Tasim Zahid
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