Nordic power forward prices rise as Middle East tensions and drought expectations jointly drive up the energy sector

智通财经2026/10/08 12:08

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On Thursday, Nordic power forward contracts rose, driven by strength in European natural gas and German electricity markets. The region is highly dependent on hydropower, and weather forecasts indicate drier conditions ahead, further supporting electricity prices. The Nordic base load power contract for next quarter increased by 2.05 euros or 1.87%, closing at 111.5 euros per megawatt-hour. The annual contract for the following year rose by 0.9 euros or 1.34%, settling at 68.1 euros per megawatt-hour. Analysts noted that tensions in the Middle East are spreading, and coupled with expectations of dry weather, Nordic electricity prices are likely to remain strong. Additionally, an attack on an oil tanker in the Strait of Hormuz has dampened expectations for LNG deliveries, pushing Dutch and UK natural gas prices to two-week highs.

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