Nordic Next-Month Power Rises to 11-Month High on Dry Weather

Nordic electricity for delivery next month advanced to the highest level in more than 11 months amid a forecast drop in hydropower reserves.

Power for February rose as much as 5.4 percent to 47.50 euros ($61.85) a megawatt-hour, the highest price for next-month electricity since Jan. 31, and was at 46.95 euros at 5:11 p.m. on Nasdaq OMX Group Inc.’s energy exchange in Oslo. The contract for next quarter gained as much as 4.1 percent to 37.84 euros.

The Nordic region’s hydropower reserves, which were 2.95 terawatt-hours less than the seasonal average today, may shrink to a deficit of 7.75 terawatt-hours in two weeks, according to Markedskraft AS data on Bloomberg. The region gets more than half of its power supplies by running water through turbines.

The utilization rate of Swedish and Finnish nuclear reactors was at 91 percent today, unchanged from Jan. 4, with 12 plants operating. EON SE’s 473-megawatt Oskarshamn-1 and 638-megawatt Oskarshamn-2 reactors in Sweden were halted, data from the operator showed.

Low temperatures in Stockholm are forecast to decline to minus 9 degrees Celsius (16 degrees Fahrenheit) on Jan. 14, compared with a five-year average for the time of year of minus 2 degrees, according to CustomWeather Inc. data on Bloomberg.

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