Power for next-month delivery in the Nordic region fell as forecasts of rain indicated that an oversupply of water in the hydropower-dependent area will increase. Prices for prompt delivery plunged.
Nordic power for November delivery retreated as much as 2.3 percent to 37.80 euros ($49.06) a megawatt-hour and traded at 37.90 euros at 3:30 p.m. on the Nasdaq OMX Group Inc.’s energy exchange in Oslo. The contract has lost 0.8 percent this month.
The Nordic region gets more than half of its power each year from running water through turbines. The amount of water stored in reservoirs and in snow pack may total 7.9 terawatt-hours above the seasonal average in the next two weeks, which is 0.7 terawatt-hour more than forecast yesterday, according to Markedskraft AS data on Bloomberg.
Norwegian hydropower reservoirs were 88.1 percent full on Oct. 28, down 1.6 percentage points from a week earlier and 6.3 percentage points higher than the seasonal median, the country’s energy and water directorate said today on its website.
Power for baseload around-the-clock delivery fell to 34.25 euros a megawatt-hour following today’s auction on the Nord Pool Spot AS exchange in Oslo. That’s 8.6 percent lower than yesterday’s turnout for today.
Power for delivery in January through March traded 0.6 percent lower at 40.64 euros a megawatt-hour after dropping as much as 1.1 percent to 40.45 euros on Nasdaq OMX Group Inc.’s energy exchange in Oslo.
The nuclear utilization rate from 14 reactors in Sweden and Finland was 89 percent at 7:38 a.m., and may rise to 96 percent tomorrow, according to a Bloomberg estimate, as Vattenfall AB’s prepares to start generating power at its Ringhals-2 unit tomorrow, the company said today in a filing to Nord Pool Spot.