Nov. 8 (Bloomberg) -- Nordic power for the first quarter of 2013 recovered from a six-week low after prices for next-day delivery exceeded expectations.
Electricity for delivery from January through March gained 0.4 percent to close at 40.37 euros ($51.38) a megawatt-hour on Nasdaq OMX Group Inc.’s energy exchange in Oslo. The contract earlier fell as much as 1.4 percent to 39.65 euros, its lowest price since Sept. 25. Power for December gained 0.2 percent to 38.75 after dropping 1.7 percent to a record 38 euros.
Power for baseload delivery around the clock tomorrow will cost 35.49 euros a megawatt-hour, a 4 percent increase from yesterday’s price for today, according to an auction on the Nord Pool Spot AS exchange in Oslo. The turnout exceeded market expectations, as signaled by the Friday contract on Nasdaq OMX, which closed at 34.75 euros.
Weather forecasts continue to point to higher water supplies in the hydropower-dependent region. The surplus compared with the seasonal average may increase by 6 percent to 8.75 terawatt-hours in the next two weeks, Markedskraft AS data on Bloomberg show. The area meets more than half its power needs by running water through turbines.
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