March 11 (Reuters) – Nordic forward power prices were lower on Monday on forecasts for rain and lower carbon rates in the hydropower-dependent region.
* Nordic front-quarter baseload power contract fell 0.65 euro to 41.05 euros per megawatt hour (MWh) as of 1032 GMT.
* Nordic front-year lost 0.2 euro or 0.54 percent, to 36.50 euros/MWh.
* “There have been wetter weather forecasts since Friday, providing the hydro producers with more energy, which increases supply,” said Olav Grunde Lauvdal, portfolio manager at power company Ishavskraft.
* In addition, carbon price is down, which is weighing on the front-year contract, Lauvdal said.
* Carbon front-year allowances eased 0.37 euro to 22.65 euros a tonne, while European next-year coal prices remained unchanged.
* The second half of this week could be wet with partially windy episodes due to the influence of Atlantic low pressure, said Georg Muller, a meteorologist at Refinitiv, in a monthly forecast.
* Nordic water reserves available 15 days ahead were seen at 8.81 terawatt hours (TWh) below normal, marginally down from 8.52 TWh below normal on Friday.
* The Nordic power price for next-day physical delivery , or system price, remained unchanged to 45.46 euros per MWh at an auction on the Nord Pool exchange. (Reporting by Karthika Suresh Namboothiri in Bengaluru)