After several contracts in the Nordic energy market reached their highest levels in more than a year earlier this February, the forward market experienced falling prices last week. The forecasts currently indicate a clear change in the weather towards the end of this week, with temperatures and precipitation volumes increasing to above normal for the time of year. This resulted in a clear downwards adjustment in the energy market, which had priced in a cold end to the month. The Q2-21 and YR-22 contracts fell to EUR 28.06/MWh and EUR 26.90/MWh respectively, which is EUR 5.18/MWh and EUR 0.55/MWh less than one week ago.
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For the second week in a row, mild and wet weather forecasts caused significant falls in the Nordic forward prices. The markets do not believe that the cold weather is likely to make a proper reappearance this winter.