From Bloomberg:
Record Cold Nights Cause Spring Pinch for Nordic Power
Nordic power prices soared as record cold weather in parts of the region delayed the seasonal melting of snow into water needed to generate electricity.
The coldest night on record dating back to 1859 this week helped electricity prices on Wednesday jump 34 percent so far in May from a year earlier and they are headed for the highest average level for the month since 2013 on the Nord Pool AS exchange in Oslo. The unseasonably cold weather is also driving up demand for the commodity.
”It’s what we call a spring pinch,” Sigbjorn Seland, chief analyst at StormGeo’s Nena Analysis in Oslo, said by phone. ”Unusually high spot prices and very low inflows due to the cold.”
Gee - if only they had some nuclear reactors to provide backup electricity...
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