Nordic Power for Today Rises to 15-Week High Despite Wet Weather

Nordic power for delivery today rose to the highest level in almost 15 weeks even as a forecast for wet weather improved the outlook for hydroelectric power output.

Power for today advanced to 32.22 euros ($40.30) in yesterday’s auction on the Nord Pool Spot AS exchange. That’s the highest price since May 15.

Nordic power for the fourth quarter dropped as water available for generating electricity is set to rise. The contract for the three months from October dropped as much as 1.6 percent to 39.15 euros megawatt-hour on Nasdaq OMX Group Inc.’s energy exchange in Oslo. The contract traded at 39.25 euros at 10:08 a.m. Oslo time. Month-ahead electricity lost as much as 3.2 percent to 30 euros.

The hydrological balance, which reflects water in reservoirs, stored in the soil and as snow in mountains, may rise by 1.4 terawatt-hours to 9.3 terawatt-hours by the middle of next week, Danish trading company Scanenergi AS said in a report on its website today. Half of Nordic power use on average is met by running water through turbines.

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