Nordic Power Prices Stable Amid Forecasts of Normal Temperatures

Nordic electricity prices were little changed as weather forecasts indicated temperatures will be near seasonal norms in the coming weeks.

The March contract gained 0.1 percent to 37.90 euros ($51.08) a megawatt-hour as of 10:53 a.m. on Nasdaq OMX Group Inc.’s energy exchange in Oslo. The benchmark near-quarter contract gained 0.2 percent to 36.55 euros, while the 2014 contract gained 2 cents to 37.50 euros.

Minimum temperatures in Oslo may be minus 7 degrees Celsius (19 Fahrenheit) on Feb. 26, according to CustomWeather Inc. data on Bloomberg. That’s the same as today’s low and the 10-year average. Temperatures in the Nordic region as a whole will also be near seasonal norms in the coming days, according to Energi Danmark A/S.

“There are limited changes from yesterday’s weather forecasts, with temperatures stabilizing around normal levels on February 16,” the Danish energy trading company said today on its website.

Flows on the 550-megawatt Fennoskan-1 cable that links Finland and Sweden stopped last night following an unspecified malfunction, a filing to the Oslo-based Nord Pool Spot AS exchange by Finnish grid operator Fingrid Oyj showed yesterday. No reason or expected duration was given.

Vattenfall AB, Sweden’s biggest utility, reached full output from its 940-megawatt Ringhals-4 nuclear reactor on the country’s west coast at 10:19 a.m., after earlier limiting production due to turbine maintenance, data from the company’s website showed.

The Nordic region gets a fifth of power output from nuclear reactors and more than half from hydroelectric plants. The amount of water and snow available to generate electricity in the region may be 15.1 terawatt-hours below normal for the time of year in two weeks, down from 11.9 terawatt-hours today, Markedskraft AS data on Bloomberg show.

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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