November 8, 2018 / 10:44 AM / 10 days ago

NORDIC POWER-Drier outlook, firmer carbon rates lift forward prices

Nov 8 (Reuters) - Nordic forward power prices rose on Thursday on expectations for drier weather in the hydropower-dependent region and on stronger coal and carbon rates.

* The Nordic front-quarter baseload power contract rose 1.49 euros to 48.55 euros per megawatt hour (MWh) at 1018 GMT.

* The Nordic front-year contract gained 1.20 euros to 39.30 euros/MWh.

* A drier weather forecast, stronger carbon and German power prices are driving the market today, said Enegia trading manager Lauri Riihimaki.

* Carbon front-year allowances firmed 0.88 euros to 19.50 euros a tonne.

* European next-year coal prices rose $0.50 to $92.25 a tonne.

* The benchmark German baseload power contract for 2019 delivery gained about 2.8 percent to 51.95 euros/MWh.

* The weather in Scandinavia is expected to be wet over the weekend followed by drier and slowly cooler weather next week, said Georg Muller, a meteorologist at Refinitiv.

* Nordic water reserves available 15 days ahead were seen at 6.5 terawatt hours (TWh) below normal, as against 5 TWh below normal on Wednesday. Refinitiv analyst view: here here (Reporting by Brijesh Patel in Bengaluru; Editing by Jan Harvey)

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