Nordic electricity for delivery in November power rose to its highest in more than four weeks as drier and cooler weather was forecast.
The contract rose as high as 40.50 euros ($52.54) a megawatt-hour, up by 2.5 percent from the previous session and the highest since Sept. 7, and later traded at 40.25 euros at 2:40 p.m. on Nasdaq OMX Group Inc.’s energy exchange in Oslo.
The contract for January-March next year rose to its highest since Sept. 10, adding as much as 2.4 percent from 43.00 euros a megawatt-hour before trading at 42.75 euros.
The hydrological balance, or the amount of water available for generation compared with the seasonal mean, may drop by 50 percent to 6 terawatt-hours over the next two weeks, according to Markedskraft AS data on Bloomberg.
Nordic power for delivery tomorrow changed hands at 33.51 euros in an auction on the Nord Pool Spot AS exchange in Oslo, 7.6 percent higher than the equivalent price yesterday. That’s below the contract for Tuesday on the Nasdaq exchange which traded at 34 euros.
The price for Finland hit 39.28 euros a megawatt-hour, the highest in the Nordic region, as grid operator Fingrid Oyj cut the capacity of a 550-megawatt power cable to Sweden to zero until further notice because of a technical malfunction, it said in a filing today to the Nord Pool Spot exchange.
The Nordic area gets about a fifth of its power from 14 nuclear reactors, and half by running water through turbines, which means that prices are affected by rainfall and reactor generating rates.
EON AG, Germany’s biggest utility, will “hopefully issue a schedule” for the start of the 473-megawatt Oskarshamn-1 reactor in Sweden during the week, Anders Oesterberg, plant communication manager, said today by phone from the unit on the coast of the Baltic sea.