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NORDIC POWER-Forward costs slip on lower European energy rates

Nordic forward power rates fell on Tuesday, weighed down by lower rates in the wider continental power and gas markets, coupled with a projection for warmer weather in the region.

* The Nordic front-quarter contract was down by 1.6 euros at 39.3 euros per megawatt-hour (MWh) by 10:53 GMT.

* The Nordic front-year baseload power contract inched lower by 0.81 euros at 48.3 euros/MWh.

* The Nordic power market is down today due to reducing German power agreements, driven by a drop in gas, coal, and carbon prices, stated Oletom Djupskaas, a power analyst at LSEG.

* Germany's Cal '25 baseload, Europe's criteria agreement, slipped 1.3 euros to 97.45 euros/MWh.

* Carbon front-year allowances were down by 0.4 euros at 74.17 euros a tonne.

* European power rates dropped sharply due to an anticipated surge in German wind power production and slight gains in French wind output. Meanwhile, Dutch and British gas costs likewise reduced following a less extreme than anticipated interruption in Norway.

* The weather outlook is still unclear ahead, though, with no clear signs of a new steady drier and warmer-than-normal setup to be established, said Djupskaas.

* Nordic water reserves readily available 15 days ahead were seen at 17.36 terawatt hours (TWh) listed below typical, compared with 15.74 TWh below typical on Monday.

* Precipitation amounts will be near typical. Warmer, calmer weather may arrive in Scandinavia late next week due to rising pressure. However, a stable, drier, and much warmer pattern is unlikely, Georg Muller, a meteorologist at LSEG, said in a. forecast note.

* The Nordic power rate for next-day physical delivery. , or system rate, fell by 18.8 euros, or 50.2%, to. 18.59 euros per megawatt hour