Nordic power contracts rebound slightly as the market holds its breath for the official signing of the US-Iran peace agreement
- Nordic front-quarter power contracts rose by 0.3% on Tuesday to 51.5 euros per megawatt hour, after having hit their lowest level since April 30 in the previous trading day. The front-year contract held steady at 47.5 euros, having also touched its lowest point since May 7 earlier.
- According to a senior market analyst at Mind Energy, the slight rebound on Tuesday was mainly driven by correction demand after the sharp drop of the day before, while the recovery of natural gas and German power prices also provided connected support for the Nordic market.
- Analysts noted that the market as a whole is currently in a wait-and-see mode, anticipating the official signing of the US-Iran peace agreement on Friday. Any unexpected developments could trigger significant price volatility, and market sentiment remains tense.
- After wholesale power prices in the Netherlands and the UK dropped by about 10% on Monday, they have stabilized. Weather forecasts show that temperatures in southern parts of the Nordics will be near or slightly above normal levels over the next two weeks, while the north is expected to see temperatures around normal or slightly below.
- Looking ahead, key areas of focus include the impact of the details of the US-Iran agreement on energy prices, as well as the practical effects of hydropower reserves and temperature changes in the Nordic region on the electricity supply-demand balance.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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