NORDIC POWER-Front-year prices drop to one-month low on wet weather view, weak German power prices

Oct 2 (Reuters) – Nordic front-year power prices fell to a one-month low on Thursday, due to lower German power rates and wet weather forecasts in the hydropower-reliant region. * The Nordic front-year contract lost 0.7 euros, or 1.65%, to 41.8 euros per per megawatt hour (MWh) at 1035 GMT, its lowest since September 3. * The Nordic front-quarter contract fell 1.25 euros, or 1.91%, to 64.25 euros per MWh. * "The clear driver today is the very wet weather outlook, with rainfall well above normal and a sharp improvement in the hydrological balance," said Lukas Sigg, CEO of Nordic Energy Consulting. * Nordic water reserves available 15 days ahead were at 8.19 terawatt hours (TWh) above normal, compared with 8.27 TWh above normal on Wednesday. * "Lower gas and German power prices recently have added to the bearish momentum, making it difficult for Nordic futures to find support," Sigg added. * German year-ahead power fell 0.29 euros, or 0.34%, to 84.81 euros per MWh. * Dutch and British wholesale gas prices were little changed early on Thursday as lower LNG supply due to a strike in France was offset by weaker demand from power plants amid strong wind power output. * The Nordic power price for next-day physical delivery , or the system price, fell 20.31 euros to 47.24 euros per MWh. * In the European carbon market, the benchmark contract fell 0.02 euros, or 0.03%, to 76.31 euros per ton. (Reporting by Pablo Sinha in Bengaluru; Editing by Vijay Kishore)

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