Forward rates gain on drier, cooler weather view
Oct 24 (Reuters) -Nordic forward power prices rose on Thursday, buoyed by forecasts for drier and cooler weather in the hydropower-dependent region.
* Nordic front-quarter baseload power contract ENOFBLQc1 rose 0.2 euro, or 0.4%, to 56.8 euros per megawatt hour (MWh), as of 1105 GMT.
* Nordic front-year ENOFBLYc1 gained 0.1 euro, or 0.3%, to 39.8 euros per megawatt hour (MWh).
* "We are starting to see drier and cooler signals in the Nordic weather forecasts. Following a mild and wet start to next week, a shift to more high pressure weather appears likely, with temperatures dropping to around or below seasonal average for the first time in several weeks," analysts at Energi Danmark said in a note.
* "The outlook appears somewhat bullish for the Nordic power market."
* Dutch and British wholesale gas prices hit a more than 10-month intraday high as the Middle East conflict and reports that North Korean troops were ready to help Russia in Ukraine kept traders on edge. NG/EU
* "The generally high pressure dominated scenario for the next two weeks remains largely unchanged with above normal pressure over the continent bringing calm and dry weather to continental Europe," Georg Muller, a meteorologist at LSEG, said in a note.
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 10.88 terawatt hours (TWh) above normal, compared with 9.32 terawatt hours (TWh) above normal on Wednesday.
* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, fell 0.23 euro, or 1.2%, to 19.33 euros MWh.
Reporting by Anjana Anil in Bengaluru; Editing by Shreya Biswas
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