Cold spring weather causes prices to soar

Focus week 13: Even though the war in Ukraine continues to set the tone in the European energy markets, the cold spring weather has also played a part in the past week.

Here and now

The Nordic energy market has experienced rising prices for the second week in a row, with both spot prices and forward prices climbing. A high risk premium is still being priced in across the markets, and further uncertainty relating to European gas supplies from Russia has been crucial to the price climbs. Falling temperatures also contributed to the uptrend in the Nordic region, and spot prices continued to climb at the start of this week. In the forward market, the Q2-22 and 2023 contracts have climbed to EUR 107.75/MWh and EUR 52.75/MWh respectively.

Read Focus here.