Jan 15 (Reuters) - Nordic forward power prices gained for a third straight session on Wednesday, aided by a drop in water reserves and an outlook for dry weather.
* Nordic front-quarter baseload power contract rose 1.85 euros to 21.55 euros per megawatt hour (MWh) at 1012 GMT.
* Nordic front-year added 1.07 euros to 34.4 euros per MWh.
* "The weather forecasts now appear to agree that the low-pressure dominated period will end already next week, and from that point on, drier and cooler conditions are on the way, also with less wind output," said Karsten Sander Nielsen, a senior market analyst at Energi Danmark.
* The HPR (hydro power reserve) surplus is also expected to retreat further towards the end of the month, Nielsen added.
* Nordic water reserves available 15 days ahead were seen at 16.77 terawatt hours (TWh) above normal, compared with 18.47 TWh above normal on Tuesday.
* The southeast of Scandinavia will likely remain calm and mostly dry until the end of the month, Georg Muller, meteorologist at LSEG, said in a note.
* In the European carbon market, the benchmark contract
was up 1.14 euros at 78.1 euros a metric ton.
* German year-ahead power gained 2.2% to 94.25 euros per MWh.
* Dutch and British wholesale gas prices were slightly higher on expectations of lower temperatures and less wind output.
* The Nordic power price for next-day physical delivery
, or system price, rose 11.12 euros or 60.83% to 29.4 euros per megawatt hour (MWh).
(Reporting by Daksh Grover in Bengaluru; Editing by Tasim Zahid)
((Daksh.Grover@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.