Feb. 18 (Bloomberg) -- Nordic electricity for March advanced as German prices and costs for carbon permits rose before a European Parliament committee vote tomorrow on measures to support prices in the emissions market.
The month-ahead contract gained 0.5 percent to close at 38 euros ($50.71) a megawatt-hour on Nasdaq OMX Group Inc.’s energy exchange in Oslo. The benchmark next-quarter contract increased 0.3 percent to 36.35 euros, while the 2014 contract increased 0.4 percent to 37.20 euros.
EU carbon permits for December rose as much as 6.4 percent to 5.52 euros a metric ton on the ICE Futures Europe exchange in London. Emission prices can influence generation costs at coal-and gas-fed plants. German power for baseload delivery next quarter gained as much as 1.5 percent to 38 euros a megawatt-hour, the highest since Feb. 8, broker data compiled by Bloomberg show.
The European Parliament’s environment committee is scheduled to vote tomorrow on an European Commission proposal to amend the bloc’s emissions trading directive, to reaffirm the regulator’s right to alter a supply schedule to fix a glut and prop up carbon prices.
Low temperatures in Stockholm may rise to minus 0.4 degrees Celsius (31 Fahrenheit) on Feb. 26, from minus 1 today, according to CustomWeather Inc. data on Bloomberg. That compares with a 10-year average of minus 5 degrees.
Milder temperatures decrease the demand for electric heating. That pushed the next-week Nordic power contract down by 0.7 percent to close at 39.10 euros.
The Nordic region gets more than half of power use from hydroelectric plants. The amount of water and snow available to generate electricity in the region may be 16.6 terawatt-hours below normal for the time of year in two weeks, down from 14.4 terawatt-hours today, Markedskraft AS data on Bloomberg show.
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