Last week, the Nordic power market strongly continued its prior development and saw significant price increases after jumping already at the beginning of the week. Another jump then occurred upon the start of trading in this week. Despite some indications towards the end of last week, that the probability of more precipitation increases, the current outlook reverts to rather dry conditions once more. Power price also rise in response to gas prices continuously setting new highs driven by concerns about the upcoming winter season in light of the current and expected supply.
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Gas outlook continues to imply risks for price spikes heading into the winter season; shortly occurring chance of increase in precipitation replaced by drier forecasts again.