NORDIC POWER – First Quarter Slides on Lower Spot Rates and Lower German Prices

June 2 (Reuters) – First-quarter Nordic power prices fell on Thursday, after hitting a more than two-month high in the previous session, under pressure from lower-than-expected spot prices and a a decline in German rates.

* The Nordic first quarter baseload electricity contract fell by 1 euro to 110.00 euros per megawatt hour (MWh) at 12:43 GMT. Prices had previously peaked since March 29 at 114 euros/MWh.

* The Nordic front-year contract gains 0.6 euros at 86.60 euros/MWh.

* The market opened higher on expectations of continued dry weather but fell later in the day for the first quarter on a muted German market and falling spot prices, said Refinitiv analyst Oletom Djupskaas .

* The price of Nordic electricity for physical next day delivery, or system price, fell from 40.51 euros to 110.89 euros/MWh during an auction on the Nord Pool exchange.

* Northern water supplies available 15 days ahead were estimated at 11.03 terawatt hours (TWh) below normal, its lowest since January, from 13.04 terawatt hours (TWh) below normal Wednesday.

* “Next week will be generally drier and warmer in Scandinavia with generally above normal temperatures and below normal rainfall,” said Refinitiv meteorologist Georg Muller.

* Carbon allowances from the year before strengthened by 1.49 euros to 87.57 euros per tonne.

* The German base load for delivery in 2023, the benchmark contract in Europe, increased by 3 euros to 243.50 euros/MWh, after having reached a new contractual record according to the available data. (Reporting by Rahul Paswan in Bengaluru; Editing by Amy Caren Daniel)

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