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01/2002
Warm and dry weather late summer and early fall followed by cold and dry weather .
The second half of the summer and early fall was much warmer and drier than normal, which led to very low inflow levels and consequently sub-normal reservoir levels. The combined reservoir level for Sweden, Norway and Finland was 65,7 % after week 45, which is 20,9% (25,2 TWh) below the level at the same time last year, and 18,2 % below the median value. Through week 45 overall production in the Exchange Area was 320 TWh and consumption 323 TWh. Those figures show a decrease compared to last year of 0,5 % and 1,6 % respectively. Since the middle of August net import to the Nordic Exchange Area has been steadily increasing, which correlates well with the current deficit in the Nordic hydro reservoir levels and higher prices in the Nordic region compared to Germany during the past few months.
Steady volume and participant growth in the spot market
In the Elspot market a total of 101,4 TWh has been traded through week 45. Compared with the same period in 2001 it is a 9,8 % increase. In addition 0,65 TWh (+16% vs. 2001) has been traded in Elbas. Through April the Elspot turnover was less than last year, which was due to lower consumption this year. Since May and through week 45 the Elspot turnover has been 20% higher (+9,8 TWh) than last year. Consumption in that period has been slightly higher this year compared to last year. However, the main reason for the volume growth since May is that Elspot's share of consumption in the Exchange Area has grown by about 2 % (annual figure) compared with 2001, which gives a 31,6% share through week 45.
Since the beginning of 2002 the number of Direct Participants and Clearing Customers in the Elspot Market has increased (net value) by more than 20 companies, which is a rather positive development.
The average Elspot System Price in 2002 has been 161,46 NOK/MWh (21,42 EUR) through Nov 16th, which can be compared to the annual average of 186,49 NOK/MWh (23,15 EUR) in 2001.
Further details regarding financial market development see page 5, and clearing volum devlopment on page 7.