Nordic electricity for April through June climbed as forecasts for lower temperatures and dry weather pointed to higher power demand and limited supply.
The next-quarter contract gained 0.8 percent to 37.95 euros ($50.68) a megawatt-hour as of 3:29 p.m. on Nasdaq OMX Group Inc.’s energy exchange in Oslo. February power rose 0.1 percent to 46.95 euros, while week-ahead electricity retreated 0.3 percent to 51.50 euros.
Low temperatures in Oslo are forecast to drop to minus 16 degrees Celsius (3.2 Fahrenheit) on Jan. 14 from minus 7 today, according to CustomWeather Inc. data on Bloomberg.
The region’s hydropower reserves are 0.8 terawatt-hours below the seasonal average and may drop further to a deficit of 8.5 terawatt-hours in two weeks, according to Markedskraft AS data on Bloomberg. The region, which gets more than half of its power supplies by running water through turbines, had a surplus of 9 terawatt-hours as recently as the end of November.
The utilization rate of Swedish and Finnish nuclear reactors may rise from today’s 91 percent to 96 percent on Jan. 14, if EON SE starts its 638-megawatt Oskarshamn-2 reactor on Jan. 13, according to data from the operator and calculations by Bloomberg. The region gets a fifth of power output from atomic reactors.
The company delayed the start of its 473-megawatt Oskarshamn-1 reactor until March 1 to modify diesel generators, it said yesterday in a filing with the Nord Pool Spot AS exchange in Oslo. The unit has been shut since Dec. 3, according to data from the utility. It was halted from Oct. 30, 2011, to Nov. 29 last year for repairs.