Mind Energy said in its Q4 Nordic Energy Market Insight that available hydro
generation is about 11 TWh below normal as the region enters the winter heating
season, raising the risk of sharp price spikes during cold, low‑wind periods,
especially in southern Nordic price zones. Tight European gas supply—low storage
levels and LNG flow constraints linked to Middle East shipping disruptions—will
increase the Nordic market’s exposure to continental price movements.