Following the sharp price falls over the New Year, the market has calmed down somewhat. However, the weather forecasts have now confirmed that the cold winter weather is not set to return anytime soon, and this has caused further price falls on the short end of the market. The Q2-22 contract closed at EUR 41.10/MWh on Monday, EUR 2.60/MWh lower than last week. On the other hand, the long-term contracts in the market did climb, but only very marginally compared to the price falls experienced since Christmas. The YR-23 contract now costs EUR 38.00/MWh, an increase of EUR 0.50/MWh during the course of the week.
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Both spot prices and forward prices fell in the Nordic region last week, as there was a particular focus on milder and wetter weather forecasts for the coming weeks. Gas prices also fell despite the uncertainty.