Power for delivery in December in the Nordic region fell to the lowest in 16 weeks as forecasts for rain indicated that an oversupply of water in the hydropower-dependent area will increase.
Electricity for next month retreated 1.5 percent to 39.40 euros ($50.98) a megawatt-hour on Nasdaq OMX Group Inc.’s energy exchange in Oslo, the lowest since July 12. The January through March contract fell 0.4 percent to 40.45 euros.
The Nordic region generates more than half of its power by running water through turbines. The amount of water stored in reservoirs and in snow may total 8.2 terawatt-hours above the seasonal average in the next two weeks, Markedskraft AS data on Bloomberg show. That’s 0.3 terawatt-hour more than forecast yesterday.
Power for baseload around-the-clock delivery tomorrow averaged 33.66 euros a megawatt-hour following an auction on the the Nord Pool Spot AS exchange in Oslo. That’s 1.7 percent lower than the equivalent contract yesterday. Day-ahead prices may average 37 euros a megawatt-hour next week, 2 euros higher than an estimate for this week, Bixia AB, Sweden’s fourth-largest power trading company, said yesterday in an e-mailed report.
The nuclear utilization rate from reactors in Sweden and Finland may rise by 11 percentage points from today to 96 percentage points tomorrow, according to Bloomberg calculations based on company websites.
Vattenfall AB expects full output tomorrow evening from its Ringhals-2 unit, the company said today in a filing to Nord Pool Spot. EON AG’s 1,400-megawatt Oskarshamn-3 reactor, Sweden’s biggest nuclear plant, will reach full output tomorrow, following an emergency stop yesterday, the company said today in an exchange filing.