Forward rates rise on higher continental power prices

<html xmlns=""><head><title>NORDIC POWER-Forward rates rise on higher continental power prices</title></head><body>

Feb 9 (Reuters) -Nordic forward power rates rose on Thursday, boosted by gains in neighbouring German power and wider European gas markets.

* The Nordic front-quarter baseload power contract ENOFBLQc1 rose 1.25 euros to 65.00 euros per megawatt hour (MWh) as of 1126 GMT.

* The Nordic front-year contract ENOFBLYc1 gained 0.75 euro to 63.25 euros/MWh.

* "German power and European gas prices were slightly higher from the start, this could be the reason for the bullish trend," said Sigve Ekeland, managing director at Cemon AS.

* German baseload for 2024 delivery TRDEBYc1, Europe's benchmark contract, rose 1.75 euros, or 1.07%, to 165.00 euros/MWh.

* British and Dutch wholesale gas prices rose slightly on Thursday morning due to an unplanned outage at a UK terminal, but gains were capped by a milder temperature outlook and stronger wind power generation that reduced gas consumption. NG/EU

* Nordic water reserves available 15 days ahead PCAEC00 were seen at 3.81 terawatt hours (TWh) below normal, compared with 5.07 TWh below normal on Wednesday.

* "The weekend and next week will be wet and windy in the west and north of Scandinavia, while the south will be partially dry with some sun," wrote Georg Muller, meteorologist at Refinitiv, in a daily forecast note.

* Carbon front-year allowances CFI2Zc1 firmed 2.46 euros at 92.74 euros a tonne.

Reporting by Ananya Bajpai in Bengaluru; Editing by Shilpi Majumdar


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