In a similar fashion to calendar week 34, the price development followed through once more last week to gain new highs. This impulse is carried into this week as well. The Nordic system price for this Monday was set at 91,91 EUR/MWh, the highest in more than nine years. Driving factors behind this move remained rather unchanged, i.e. forecast precipitation levels are seen to extend the current deficit in the hydrological balance. In addition, gas and emissions markets with surging prices lend further support to the overall European power complex.
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The price spread between the Nordic region and Germany remains very large. The traditional correlation between the two markets has been taken out of play completely by the current circumstances.