Nordic Electricity Prices Increase as Drier Weather Forecast

Price of electricity for delivery from July through September gains 1.8% to EU37.60/MWh on Nasdaq OMX Group’s energy exchange at 1123am in Oslo. * Hydro and snow levels forecast to be 20.8TWh below seasonal norm in two weeks, compared with 20.7TWh estimated on April 26, Markedskraft data on Bloomberg show * “Weather forecasts indicate a drier development at end of the prediction period, underpinning prices, while other price-driving factors are little changed”: Anders Engkvist, chief analyst at power trader Bixia in Linkoeping, Sweden * NOTE: Nordic area meets more than half of power needs by running water through turbines * Nordic May contract rises 1.8% to EU36.80/MWh