Melting snow drives Nordic power prices down, hits earnings at renewables producer

CNBC | One of Europe’s largest generators of renewable energy, Statkraft, said Friday that Nordic power prices had been “pushed down” in the second quarter due to high levels of snow melt.

Announcing its results for the period, the company cited “significant hydrological surplus due to high snow reservoirs” as putting pressure on prices. 

In addition, issues with reduced capacity in parts of the transmission grid have hampered efforts to export surplus hydropower. This in turn has generated bottlenecks and put pressure on prices, the company said.

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