Low hydropower reserves and high European gas prices threaten to drive Nordic electricity costs higher this winter, particularly in southern Norway and Sweden.
Nordic hydropower reservoirs, with the NO2 area at 30-year water lows, are expected to keep power prices high this winter, which would raise demand for gas-fired generation. However, the article describes already-high European gas prices from October rather than forecasting a further gas move, so the direct effect on gas itself is limited and two-sided.
Nordic electricity markets face significant price volatility this winter due to historically low hydropower reservoir levels and strained European gas markets. Analysts at Mind Energy report that the NO2 price area in southern Norway has reached its lowest water levels in 30 years, increasing reliance on gas-fired generation when wind speeds drop.
The article treats high gas prices as a driver of Nordic power prices, not the other way around. It notes the gas market is 'extremely strained' and that October saw price spikes, but it does not give a forecast for gas prices themselves.