Nordic Next-Month Power Gains for Sixth Day as Hydro Levels Fall

Nordic electricity for delivery next month climbed for a sixth day as forecasts for hydropower reserves were cut.

Power for February rose as much as 1.4 percent to 47.60 euros ($62.42) a megawatt-hour on Nasdaq OMX Group Inc.’s energy exchange in Oslo. The contract was trading at 47.30 euros at 4:58 p.m. Next-quarter power gained as much as 1.5 percent to 38.20 euros, the data show.

The Nordic region’s hydropower reserves, which were 2.95 terawatt-hours less than the seasonal average today, may shrink to a deficit of 8.41 terawatt-hours in two weeks, according to Markedskraft AS data on Bloomberg. The region gets more than half of its power supplies by running water through turbines.

The utilization rate of Swedish and Finnish nuclear reactors was at 91 percent today, unchanged from yesterday, with 12 plants operating. EON SE’s 473-megawatt Oskarshamn-1 is scheduled to start on Jan. 15 and its 638-megawatt Oskarshamn-2 is expected to return to service on Jan. 13, data from the operator showed.

Low temperatures in Stockholm are forecast to decline to minus 9 degrees Celsius (16 degrees Fahrenheit) on Jan. 18, compared with a five-year average for the time of year of minus 4 degrees, according to CustomWeather Inc. data on Bloomberg.

To contact the reporter on this story: Rachel Morison in London at rmorison@bloomberg.net

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

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.