Spanish hydro power stocks edge higher despite lower rainfall

London — Spanish hydro power stocks rose slightly to 16.1 TWh in Week 21, or 69% of capacity, despite lower rainfall as the replenishment period draws to a close, environment ministry data showed Tuesday.

Hydro stocks usually begin their seasonal decline during Week 22, with the exception of stocks in 2018 which rose until Week 24 due to heavy rainfall caused by storms.

"No rainfall [expected this week]," a Spanish power trader said.

So stocks may begin their season decline next week. However, some forecasts are pointing to higher rainfall than usual this summer, "although its too soon to tell," the trader added.

Stocks rose less than 0.1 TWh in the week to Sunday and widened their surplus to the five-year average to 2.15 TWh from 2.0 TWh the previous week, while the surplus to the 10-year average rose to a lesser extend to 1.3 TWh from 1.2 TWh.

Hydro output in Week 21 was lower at almost 0.6 TWh, compared with nearly 0.8 TWh the week before amid slightly higher demand.

Rainfall during the week to Sunday totaled almost 1 mm, down sharply from almost 29 mm last week.