8 October 2002 – Unusually dry autumn weather across Scandinavia has led to a rise in the price of electricity traded on the Nord Pool exchange with the short term forecast remaining dry.
The spot price – the benchmark average system price – for Monday on the Nordic power bourse Nord Pool was 211.87 Norwegian crowns ($28.5) per megawatt hour, a 21.77 crowns jump from Friday, which traders said pushed prices higher.
“It’s looking very dry and below normal levels in the next 10 days,” one trader said.
The weather in hydropower-dependent Sweden and Norway was unusually dry during the summer, resulting in water levels far below normal in hydropower stations.
Among longer-dated contracts, week 42 traded 10.50 crowns stronger at 215.0 crowns while week 43 was up 12 crowns at 217.50 crowns.