(Montel) Nordic power futures fell on Wednesday morning, erasing some of yesterday’s gains, as forecasts confirmed a wetter than normal outlook for the hydropower-intensive region with reservoir levels set to hit 2.5-year highs.
The October contract was last seen down EUR 1 at EUR 18.75/MWh, while Q4 fell EUR 0.90 to EUR 36/MWh. The contracts gained EUR 2.50 and EUR 2.25, respectively, on Tuesday.
Prices fell after the latest forecasts were slightly wetter and continued to indicate an improving hydrological balance, said Oskar Hallberg, trader at Swedish utility Goteborg Energi.
“The October contract has been volatile lately and there is quite…