The Nordic energy market completely changed direction again last week compared to the developments in the previous week. Prices climbed for four days in a row during week 47 and, even though they fell back slightly on Monday, the forward market is trading at a much higher level than it was at the same time last week. The weather forecasts predict cold weather from the end of this week, and we may see temperatures 4-5 degrees below the seasonal norm at the start of December. The Q1-20 contract has therefore climbed by EUR 1.35/MWh to EUR 43.30/MWh, while the YR-20 contract has climbed by EUR 0.72/MWh and now costs EUR 37.50/MWh.
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Cold spring weather and a weakened hydro-balance have resulted in sudden climbs in the Nordic spot prices. The average Nordic system price last week was the highest since the start of March.