Jan. 29 (Bloomberg) -- Nordic electricity retreated along with German power and carbon prices, even as colder weather was forecast for some parts of Europe.
Nordic power for next quarter fell as much as 1.1 percent to 35.40 euros ($47.59) a megawatt-hour on Nasdaq OMX Group Inc.’s energy exchange in Oslo and was at 35.55 euros at 2:29 p.m. Electricity for next month declined as much as 1.1 percent to 40.65 euros and later traded at 40.75 euros.
Baseload German day-ahead power, for delivery around the clock, slid as much as 19 percent as Meteologica SA predicted wind generation would climb to about a record 25,000 megawatts tomorrow. The contract fell as much as 6.25 euros to 26.25 euros a megawatt-hour and was at 27.50 euros at 2:31 p.m. Berlin time, according to broker data compiled by Bloomberg.
“Even with a cold spell, Nordic power can’t rise as long as Germany puts a lid on prices,” Phong Le, a senior trader at Danish energy trading company Energi Danmark A/S, said today by phone from Aarhus, Denmark.
Low temperatures in Oslo may drop to minus 12 degrees Celsius (10 Fahrenheit) on Feb. 3, from zero today, according to CustomWeather Inc. data on Bloomberg. Temperatures are poised to drop to as low as minus 20 degrees on Feb. 12. Cold weather boosts demand for electric heating.
Carbon permits for December dropped as much as 5.7 percent to 3.94 euros a metric ton before rising to 4.02 euros on the ICE Futures Europe exchange in London.
Nordic power for baseload around-the-clock supply tomorrow will cost 35.58 euros a megawatt-hour on Nasdaq OMX, 3.9 percent lower than yesterday’s price for today, as set in an auction on the Nord Pool Spot AS exchange in Oslo.
To contact the reporter on this story: Torsten Fagerholm in Helsinki at email@example.com
To contact the editor responsible for this story: Lars Paulsson at firstname.lastname@example.org