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NORDIC POWER-Forward costs get as greater European rates balance out wet weather view

Nordic forward power costs climbed on Monday, supported by rising gas rates and an uptick in German power costs, which offset the down pressure from wet weather report.

* The Nordic front-quarter contract was up by 2.1 euros, or 5.4%, at 41 euros per megawatt-hour (MWh) by 10:46 GMT.

* The Nordic front-year baseload power contract was up by 0.83 euros, or 1.7%, at 49.23 euros/MWh.

* The projections stay wet however the signals from the other markets appear to overshadow this as the boosts on the gas market and the German power market could lead to a day of increasing Nordic power costs, experts at Energi Danmark said in a daily note.

* Nordic water reserves available 15 days ahead were seen at 15.74 terawatt hours (TWh) below regular, compared with 16.11 TWh listed below regular on Friday.

* This week will be significantly cloudier with increasing precipitation activity across entire Scandinavia. On the other hand, next week will likely be less active with some potential for drier and warmer weather condition, Georg Muller, a meteorologist at LSEG, stated in a forecast note.

* Dutch and British gas rates rose following a drop in Norwegian supply due to an unplanned outage at the Nyhamna processing plant, and concerns over rising Asian need for liquefied natural gas (LNG) due to heat.

* Germany's Cal '25 baseload, Europe's benchmark contract, increased 4.2 euros to 101.9 euros/MWh, marking its greatest level since Dec. 1, 2023.

* Carbon front-year allowances were up by 3.12 euros at 77.22 euros a tonne.

* The Nordic power cost for next-day physical shipment , or system cost, rose by 0.1 euros, or 0.13%, to 37.36 euros per megawatt hour