Dry, cold weather forecasts drive forward prices up
March 22 (Reuters) -Nordic forward power prices edged higher on Wednesday, as forecasts for colder and drier weather in the hydropower-reliant region offset pressure from a dip in the German markets.
* The Nordic front-quarter baseload power contract ENOFBLQc1 was up 2 euros to 54.50 euros per megawatt hour (MWh) as of 1051 GMT.
* The Nordic front-year contract ENOFBLYc1 gained 0.5 euro to 66.50 euros/MWh.
* Nordic prices are rising on forecasts pointing to dry conditions prevailing from March 27, with temperatures also expected to drop below normal after March 26, said Arne Osterlind, energy portfolio director at H2 Green Steel.
* Falling prices in Germany are, however, limiting the gains, Osterlind added.
* Germany's Cal '24 baseload TRDEBYc1, Europe's benchmark contract, fell 2.6 euros to 134.40 euros/MWh.
* British wholesale gas prices declined on Wednesday morning on over-supply, while Dutch prices were mostly range-bound as strikes in France continue to affect liquefied natural gas (LNG) terminals and reduce nuclear power capacity. NG/EU
* Through the next two weeks, due to above normal pressure near Greenland, Scandinavia will mostly be under the influence of cold air of Arctic origin, wrote Georg Muller, meteorologist at Refinitiv, in a daily forecast note.
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 7.83 terawatt hours (TWh) below normal, compared with 6.49 TWh below normal on Tuesday.
* Carbon front-year allowances CFI2Zc1 eased 0.4 euro to 89.33 euros a tonne.
Reporting by Ananya Bajpai in Bengaluru; Editing by Shinjini Ganguli
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