Wednesday, 04 July 2018
Producers are likely adjusting their projections for hydro production as expected precipitation levels in the Nordics look to continue far below the seasonal average.
"This spring has been rather unusual weather-wise. It’s basically been dry since February,”
said Kjell Idar Saure, trader at Norwegian utility Tussa Kraft to Montel this week.
With expected precipitation well below seasonal average in the next ten days, it offers bullish support as supply falls short of projections. On a longer forecast horizon, the Swedish Meteorological and Hydrological Institute expects rain in the next four weeks equivalent to 5.8 TWh of hydropower generation, against a seasonal norm of 12 TWh, as high pressure weather continues to dominate the forecasts.
NVE reported that year-to-date precipitation energy is 36.7% lower than the norm of 59.7 TWh. The snow reservoi...