Last week we were able to report how the Nordic weather forecasts were pointing in different directions. It would seem that it was the cold and dry forecasts that were correct, as these are now dominating completely. It is not just the Nordic region, but most of northern and western Europe where the cold is about to take hold, and this has also had an impact on fuel prices. The foundations were therefore laid for steeply climbing Nordic electricity prices last week. The Q1-20 contract has climbed by EUR 2.85/MWh to EUR 44.50/MWh, while the YR-20 contract is at EUR 37.43/MWh, EUR 1.96/MWh more than last week.
Read Focus here.
The cold weather has taken hold, and there were sideways or slightly climbing prices in the forward market last week. Prices are high in the spot market, and this is affecting the long-term contracts in the market.