NORDIC POWER-Forward rates ease as German power market prices fall
May 21 (Reuters) - Nordic forward power contracts eased on Thursday, tracking weaker German power prices, while weather forecasts for the coming weeks were updated to slightly wetter and windier conditions in the hydropower‑dependent region.
* The Nordic front-quarter baseload power contract NSBLQc1 lost €0.1, or 0.1%, to €57.25 per megawatt hour (MWh) at 11:16 GMT.
* The Nordic front-year power contract NSBLYc1 fell 0.2 euros, or 0.4%, to €49 per MWh.
* Germany's year-ahead power contract, Europe's benchmark, fell €1.4, or 1.4%, to €92.10 per MWh, while the European carbon market's benchmark contract CFI2Zc1 edged up €0.1, or 0.1%, at €75.46 a metric ton.
* "It's mainly the German power market rates, that are pushing the (Nordic power) contracts a bit down today," said LSEG power analyst Ole Tom Djupskaas.
* Nordic water reserves PCAEC00 stood at 29.79 terawatt hours (TWh) below normal on Thursday, the most in just over a month, compared with 29.96 TWh below normal on Wednesday.
* "The north will remain unsettled with near-normal temperatures. Towards the end of the next week, generally more unsettled and cooler weather is likely for the entire area," LSEG meteorologist Georg Muller said.
* Meanwhile, benchmark Dutch and British wholesale gas prices climbed 1% after trading lower earlier in the session. NG/EU
