This month we look past the weather to the cost of money, European demand and Hormuz, and ask which of them may drive the next move.

This newsletter walks through the week 36 price move in Cal-27, the hydrological deficit behind it, and the weather signals that could still tip the balance either way.

July brought a sharp turnaround in the Nordic power market. We cover the reasons behind it, the reservoir situation in Southern Norway, and what history tells us about where the market is heading.

From record-breaking heat on the continent to a more relieved Nordic hydro balance, this edition looks at what's driving summer power prices in the time ahead.

The sensitivity in the market has not been this high for a very long time, which leaves the market exposed to upside movements.

The spring that failed to ease the deficit, the resource situation in Southern Norway, and the slow repricing of the 2027 contract.

Global energy shocks and weak hydrology keep Nordic power prices structurally high.

Geopolitical tensions are widening the range of outcomes in the power market

From a bearish to a bullish market

Ice cold temperatures, stratospheric warming and hydrological balance