Following recent price climbs, the Nordic energy market has changed direction again and we are now seeing significant price falls at the start of August. A strengthened hydro-balance is having an impact, in particular on the short-term contracts in the forward market, where the price falls are largest. Following an extremely dry July, the start of August is showing major adjustments to the forecasts for precipitation and overall water reservoir levels. When the market closed on Monday, the Q4-19 contract cost EUR 39.60/MWh, which is more than EUR 3/MWh less than last week. The YR-20 contract has fallen by approximately EUR 1.5/MWh to EUR 36.28/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.