News Wires — Nordic forward prices rose to a multi-month peak on Monday driven by higher fuel and German power rates.
* Nordic front-quarter baseload power contract rose 0.8 euro or 1.9% to 43.00 euros per megawatt hour (MWh) as of 1124 GMT, after touching its highest since May 16 at 43.15 euros.
* Nordic front-year gained 0.6 euro or 1.59% to 38.45 euros/MWh.
* The front-year contract touched 38.65 euros, earlier in the session, a level last seen on April 24.
* On the weather front, the entire week will be partially cloudy with showers or thunderstorms but also dry with sunny intervals, said Georg Muller, a meteorologist at Refinitiv.
* Nordic water reserves available 15 days ahead were seen at 3.37 terawatt hours (TWh) below normal, compared with 5.98 TWh below normal on Friday.
* While the weather and hydro balance are more or less unchanged compared with Friday, higher carbon and coal rates, along with a significant jump in German power rates are supporting the Nordic market, said Refinitiv analyst Oletom Djupskaas.
* Carbon front-year allowances firmed 0.62 euro or 2.15%, to 29.41 euros a tonne, after scaling a peak of 29.45 euros, its highest since July 2008.
* European next-year coal prices rose $0.8 or 1.16%, to $69.65 a tonne.
* Germany’s Cal’20 baseload, hit 53 euros ($59.74) a megawatt hour (MWh). It last traded at this level in October 2018.
* However, the Nordic power price for next-day physical delivery , or system price, fell 0.57 euro or 1.49%, to 37.73 euros per MWh at an auction on the Nord Pool exchange.
* Expectations for higher wind power output on Tuesday weighed on the day-ahead prices, Refinitiv’s Djupskaas added.
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