Spot prices in the Nordics have reached record highs, with Denmark experiencing a peak price of 936 EUR/MWh tomorrow. Low wind levels, combined with rising consumption in Germany, Denmark, and the Netherlands, as well as reduced thermal power capacities in these countries, have driven prices sky-high.
South of Norway (NO2) is coupled with these high prices through the Netherlands, reaching 898 EUR/MWh at 17:00–18:00 tomorrow. In contrast, its neighboring areas, NO1 and NO5, recorded prices that are 360 EUR/MWh and 820 EUR/MWh lower than NO2, respectively. During this peak hour, NO2 experienced approximately 1,000 MW of hydro power outages, which contributed to elevated prices. Additionally, the recently introduced Flow-Based Market Coupling (FBMC) one month ago has affected flows. Energy is directed to NO1, and from there, it flows via Sweden to Denmark.
For Friday, low wind levels are still forecasted, and high prices are expected on the Continent. However, an additional 500 MW of hydro power capacity in NO2 is scheduled to become available in the afternoon, which should significantly reduce prices. Morning hours, however, could still experience elevated prices.
