Forward rates slide on lower German power prices
Nov 21 (Reuters) -Nordic forward power rates declined on Tuesday, despite a colder weather forecast in the region, as a falling German power market weighed on sentiment.
* The Nordic front-quarter baseload power contract ENOFBLQc1 was down 0.75 euros at 71.85 euros per megawatt hour (MWh), as of 1047 GMT.
* Nordic front-year prices ENOFBLYc1 lost 0.3 euros to 47.8 euros per MWh, having hit their highest in a month earlier in the day.
* "The falling German power market is the main driver today for the marginally falling Nordic market (Q1-24, Yr-24), however marginally less bullish weather might contribute a little bit as well," said Ole Tom Djupskaas, a power analyst at Refinitiv.
* "Weather is still bullish, I would say, however the hydro situation has marginally improved from yesterday morning," Djupskaas added.
* The Nordic water reserves available 15 days ahead PCAEC00 were seen at 4.27 terawatt hours (TWh) below normal, compared with 4.66 TWh below normal on Monday.
* Europe gas prices fell as healthy inventories and strong flows of liquified natural gas (LNG) outweighed colder weather forecasts.EL/DE
* "Temperatures will drop to 4-5 °C below normal on average, may reach even 6-8 °C below normal in the southern regions of Sweden and Finland during the weekend/early next week," LSEG meteorologist Marcin Gorski said in a daily forecast note.
* The German baseload for 2024 delivery TRDEBYc1, Europe's benchmark contract, fell 0.65 euros to 112.25 euros/MWh.
* Carbon front-year allowances CFI2Zc1 lost 0.95 euros to 75.65 euros a tonne.
Reporting by Hissay Ongmu Bhutia in Bengaluru; Editing by Sonia Cheema
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