The Nordic energy market changed direction last week, and following a couple of weeks of price falls we experienced an uptrend instead. It was the short-term forward market in particular that experienced increases as a result of changed weather forecasts and a weakened hydro-balance. The hydro-balance has dropped back to a deficit again now that the forecasts indicate precipitation volumes below average for most of July. When the market closed on Monday, the Q4-19 contract cost EUR 39.95/MWh, EUR 2.55/MWh more than last week. The YR-20 contract increased by EUR 1.15/MWh to EUR 37.15/MWh.
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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.