Nordic Power for Next Week Retreats on Milder Weather Forecast
Nordic electricity for next week retreated after higher temperatures indicated less demand for electric heating.
The contract for next week fell 0.6 percent to 38.75 euros ($51.62) a megawatt-hour on the the Nasdaq OMX Group Inc.’s energy exchange in Oslo. The February contract declined 0.1 percent to 41.75 euros a megawatt-hour.
Low temperatures in Oslo may rise to minus 7 degrees Celsius (3 Fahrenheit) on Feb. 4, from minus 14 Celsius a day earlier, according to CustomWeather Inc. data on Bloomberg. That compares with a 10-year average of minus 8 Celsius.
Electricity use in the Nordic region tracks temperatures during winter months, with demand dropping and electric heating use decreasing when temperatures rise.
Nordic nuclear reactors produced at 94 percent of their combined capacity as of 7:30 a.m., data from operators showed. The region gets a fifth of its electricity use from atomic plants.
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