Following several weeks of moderately falling prices, the short-term contracts in the market changed direction last week, and the Q2-22 contract closed at EUR 46.73/MWh on Monday, EUR 5.63/MWh higher than one week ago. The uptrend was most likely the result of a correction following the previous price falls, as this trend was not supported by the mild, wet weather forecasts. The neutral trend continued for the long-term contracts in the market. The 2023 forward contract now costs EUR 36.78/MWh, only EUR 1.27/MWh lower than last 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.