London — Strong inflows to Nordic hydro reservoirs in Week 35 saw stocks edge up 0.9 percentage point to 98.85 TWh despite strong Norwegian and Swedish power exports, Nord Pool data showed Wednesday.
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Nominal capacity across Norway, Sweden and Finland stood at 78.4% for the week, well up on last year (65%) but down on the multi-annual average (82.3%).
Norway alone had hydro reservoir content equating to 69.2 TWh, Sweden 26.3 TWh and Finland 3.2 TWh.
Forecasts indicate stocks could surpass the 100 TWh mark in the near future.
With a low pressure weather system taking hold across Nordic countries, expected precipitation over the next 10 days "is more than twice as high as seasonal normal," broker Energi Danmark said Wednesday.
Conditions have served to boost Norwegian exports of electricity while maintaining healthy levels from Sweden.
Norwegian net exports averaged 59 GWh/d through Week 35, up from 34 GWh/d for the previous week.
Swedish net exports averaged 52 GWh/d in Week 35, versus 63 GWh/d for the previous week.
Deficit supply market Finland continued to import heavily, with net imports running at around 65 GWh/d through most of August and into September.
Nordic system spot prices meanwhile have declined into September, having neared Eur38/MWh late August.
From Eur36.48/MWh for delivery Monday, the contract has fallen to Eur31.55/MWh for delivery Thursday.
Within the Nordic market Norway (Oslo) was the cheapest spot zone, settling at Eur29.38/MWh for delivery Thursday, while Finland remained the dearest at Eur43.98/MWh.
On the Nasdaq exchange Nordic futures for October have been tracking upwards in recent days, from a low of Eur33.13/MWh a week ago to a last trade of Eur35.85/MWh Wednesday.
The Q4 baseload contract has followed a similar path, tracking up from Eur35.65/MWh September 4 to Eur38.65/MWh Wednesday.
Finally from Eur33.55/MWh September 4, the Cal 20 baseload contract last traded Wednesday at Eur35.60/MWh.
"Sentiment changed completely Tuesday due to the important news from the energy markets," Energi Danmark said, a reference to bullish news from France on potential nuclear outages due to sub-standard manufacturing of steam generator components, and the response in gas prices.
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