Nordic power prices reach three-year high as water reserves fall
Nordic front-year power rose to its highest level since July 2023 as drier forecasts deepened the region’s hydro-reserve deficit.
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what happened
Reuters reported that Nordic electricity prices climbed on Monday, with the front-year contract reaching its strongest level in three years. The front-quarter baseload contract NSBLQc1 rose €4.67, or 4.25%, to €114.5 per megawatt hour at 0934 GMT. The front-year contract NSBLYc1 added €2.40, or 3.56%, to €69.75 per MWh after earlier touching its highest level since July 2023.
Water reserves available 15 days ahead were estimated at 11.90 terawatt hours below normal, the lowest reading since September 29, compared with a 4.34 TWh shortfall on Friday. Lukas Sigg and Georg Mueller attributed the move to drier weather projections. Dutch and British gas also edged higher amid low storage, an outage and maintenance at Norwegian facilities. Germany’s Cal ’26 contract increased €1.16, or 0.83%, to €141.46 per MWh, while front-year carbon allowances declined 0.29% to €86.69 a ton.
why it matters
Lower reservoir levels reduce the water available for hydropower generation, tightening electricity supply in the hydro-dependent region. Norwegian gas disruptions and maintenance provided additional support to European energy prices.
instruments
sources
- Nordic front-year power hits three-year high on lower water reserves — Reuters, 12 October 2026 at 10:22 UTC
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