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(Bloomberg) — Nordic power prices surged to their highest level since the height of the energy crisis in late 2022 as a severe cold snap boosts demand and low wind levels squeeze supplies.
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Day-ahead prices prices climbed 6.8% to €158.53 a megawatt-hour on the Nord Pool exchange, based on national rates across the Nordic and Baltic markets. Wind generation across the region is running at roughly one-third of normal levels, according to a Bloomberg model.
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Unusually cold weather has gripped the Nordic region since mid-January, according to data from Atmospheric G2, with little sign of relief before late February. Forecasts from the European Centre for Medium-Range Weather Forecasts show the prolonged cold spell is set to persist for at least another week.
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“With temperatures and precipitation amounts still below average it adds up to a very bullish cocktail,” said Karsten Sander Nielsen, a market analyst at Mind Energy.
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Temperatures are expected to plunge further this week as a high-pressure system near Greenland funnels frigid Arctic air southward. Average temperatures in Norway, Sweden and Finland may drop as much as 7C to 9C below the seasonal norm, according to MetDesk meteorologist Richard Martin-Barton.
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Read: Deep Freeze Ices Finland Wind Turbines, Sending Output Plunging
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The same weather pattern is also suppressing wind speeds, creating calm conditions across the region. As a result, wind power generation could run as much as 20% below normal, MetDesk said. Output on Tuesday is forecast at about 3.4 gigawatts, according to Bloomberg’s model.
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Meanwhile, the French day-ahead contract fell to €55.56, its lowest level since Jan. 1, on mild temperatures and strong nuclear generation.
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