Forward prices dip as rates in European power markets fall
June 17 (Reuters) -Nordic forward power prices edged lower on Monday, tracking lower rates across wider energy markets in Europe, while drier weather forecasts in the hydropower-reliant region lent some support.
* The Nordic front-quarter contract ENOFBLQc1 fell 0.15 euro to 32 euros per megawatt-hour (MWh) by 1220 GMT. The contract fell about 7% last week.
* The Nordic front-year baseload power contract ENOFBLYc1 slipped 0.20 euros to 45.50 euros/MWh.
* "We see a bit mixed signals today. The weather forecasts are drier compared to ahead of the weekend, which is a bullish signal, but it is not enough to increase prices since Gas, carbon and German power markets are falling," said Karsten Sander Nielsen, a senior market analyst at Energi Danmark.
* Dutch and British wholesale gas prices declined as warmer temperature forecasts dented demand, while supply remained stable. NG/EU
* "We still see a lot of volatility on the gas market with several concerns weighing, but also an overall ample supply picture in the short run," Nielsen added.
* Germany's Cal '25 baseload TRDEBYc1, Europe's benchmark contract, slipped 1.75 euros to 91.25 euros/MWh.
* Southern Scandinavia will turn warmer and drier than recent weather, while the weekend and especially next week will be warm with near or above normal temperatures and below normal rain, Georg Muller, a meteorologist at LSEG, wrote in a forecast note.
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 11.17 terawatt hours (TWh) below normal, compared with 9.43 TWh below normal on Friday.
* "Major cooler than normal episodes are not likely before the first week of July," Muller added.
* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, fell 4.4 euros, or 9%, to 44.37 euros per megawatt-hour (MWh).
Reporting by Harshit Verma in Bengaluru; Editing by Shreya Biswas
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