The uptrend in the Nordic energy market continued last week, with both the spot market and parts of the forward market experiencing new price jumps. The increases picked up speed after the weather forecasts in the middle of the week confirmed that the cold and dry weather looks set to continue for the majority of January, but the distant contracts in the market were unable to keep up. When the market closed on Monday, the Q1-21 contract had climbed by EUR 1.90/MWh compared to last week. It now costs EUR 27.80/MWh. The YR-22 contract, however, has fallen by EUR 0.75/MWh to EUR 27.50/MWh.
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Spot prices in the Nordic region have climbed dramatically in the cold weather that has characterised the start of 2021. We are now experiencing the highest Nordic system price level in more than a year.