Nordic power prices have seen a significant decrease due to improved forecasts for hydro power generation.
Recent data from market analysis firm Volue shows that the two-week hydrological balance for Sweden and Norway has increased by approximately 3.8%, reaching 7.69 terawatt hours as of Monday. This is the highest level recorded since November 1.
The increase in hydro power prospects is credited to recent rainy weather, which has positively affected groundwater and snow levels necessary for electricity generation. Consequently, market participants are adjusting their expectations for power prices in the region to reflect the improved supply outlook.