Nordic energy consumption declining

Focus week 13: As expected, energy consumption both in the Nordic region and the rest of Europe is declining as a result of the coronavirus crisis. Analysts predict that consumption could decrease by as much as 10% as a result of the virus.

Here and now

There were further major price falls in the Nordic energy market last week. This was in spite of there having been drier weather forecasts for the coming period for parts of the week. Nevertheless, the market remains completely focused on the coronavirus crisis and the enormous consequences it is having on the international economy. Fuel, and the carbon emissions allowance prices in particular, continued to decline last week and the Nordic region has elected to follow suit. The Q2-20 contract now costs just EUR 8.15/MWh, EUR 2.10/MWh less than last week. The YR-21 contract has fallen by EUR 3.30/MWh and now costs EUR 20.55/MWh.

Read Focus here.