Nordic Power Price Climbs to Highest in a Week on Dry Weather

Nordic power for the first quarter of 2013 rose to the highest in more than a week as drier weather was forecast in the hydropower-dependent region.

Weather forecasts point to a reduced glut of water supplies. The surplus compared with the seasonal average may fall by 25 percent to 6.4 terawatt-hours in the next two weeks, Markedskraft AS data on Bloomberg show. The area meets more than half its power needs by running water through turbines.

Electricity for delivery from January through March rose as much as 1.2 percent to 40.80 euros ($51.85) a megawatt-hour on Nasdaq OMX Group Inc.’s energy exchange in Oslo, the highest since Oct. 31 , and traded at 40.70 euros at 8:53 a.m.

Nordic nuclear reactors, which supply a fifth of the region’s power use, were producing at 96 percent of their combined capacity at 7:33 a.m., unchanged from Nov. 9, data from the operators showed. The Oskarshamn-1 unit, the only reactor which is not operating, may start on Nov. 19, EON AG said on Nov. 6 in a filing with the Nord Pool Spot AS exchange in Oslo.

To contact the reporter on this story: Torsten Fagerholm in Helsinki at tfagerholm@bloomberg.net

To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net

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