Power for delivery in January through March in the Nordic region fell to the lowest in more than five weeks as forecasts for mild weather pointed to lower demand as the year’s coldest months approach.
Electricity for delivery in the first quarter of 2012 retreated 1.1 percent to 40.10 euros ($51.27) a megawatt-hour on Nasdaq OMX Group Inc.’s energy exchange in Oslo, the lowest since Sept. 25.
“The contract must approach 39 euros before we consider it worth buying,” SEB AB, Sweden’s third-largest bank, said today in an e-mailed report. The bank cited a glut of 10 to 13 terawatt-hours in hydropower supplies and high nuclear utilization rates. The Nordic area gets about a fifth of its power from 14 nuclear reactors, and more than by running water through turbines, which means that prices are affected by rainfall and reactor generating rates.
Electricity for December delivery fell 1.2 percent to 38.85 euros a megawatt-hour, and later traded at 38.70 euros.
Temperatures in Stockholm may rise to 7 degrees Celsius (43 degrees Fahrenheit) in the coming 10 days, compared with 1 degree tomorrow, according to the Swedish Meteorological and Hydrological Institute’s website.
The nuclear utilization rate from reactors in Sweden and Finland jumped to 95 percentage points today, the highest rate since Bloomberg started compiling the data in August, according to calculations based on company websites.
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