OSLO, Nov 28 (Reuters) - Nordic power prices on the Nord
Pool exchange hit record highs on Sunday as cold weather, low
renewables output and high gas prices continue to push up the
cost of electricity in Europe.
The Nordic system price for day-ahead power rose to a record
high of 246.86 euros per megawatt, Nord Pool data showed, up
from a previous high of 186.16 euros on Sunday, while French and
German prices were near recent highs.
Although Nord Pool said a calculation error meant it had to
correct the key reference price for recent weeks, Monday's level
still exceeds any old records, the new exchange data showed.
A low availability of French nuclear output has also
impacted Europe's power costs, with Monday's baseload auction
for Germany settling at 265.96 euros per megawatt hour, its
third-highest level ever.
German day-ahead auctions have averaged 177.96 euros in
November to date, up 27% from October's average, a Reuters
In the Nordics, Nord Pool said it has recalculated all
system prices - the region's reference price - for delivery days
Nov. 10-27 due to a calculation error.
Saturday had initially been settled at what was then a
record-high of 228.02 euros per megawatt hour, but market
participants raised concerns as this was above prices for each
of the underlying 12 individual bidding areas that make up the
Nordic market, prompting Nord Pool to check.
Nord Pool said an investigation showed that the difference
was triggered by a configuration of the topology change, which
created a virtual area in southern Norway (NO2A).
"This configuration, implemented on 9th November, duplicated
volume in and out of the virtual NO2A area from the NorNed and
NordLink interconnectors," it added.
NordNed is a 700 megawatt subsea power cable connecting
Norway with the Netherlands, while NordLink is a 1,400 megawatt
connection to Germany.
The system price for all affected days has been corrected
lower, with the price for Saturday now averaging 160.47 euros
per megawatt hour, almost 30% below the initially published
price, according to a Reuters calculation based on the released
Nord Pool data.
"No prices other than the Nordic System Price are affected,"
Nord Pool said.
(Reporting by Nora Buli, editing by Terje Solsvik and Alexander