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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There were major price climbs across the markets last week. Electricity, coal and gas prices are climbing as a
result of a major new price jump in the European carbon emissions allowance market.