Montel Energy Deep Dives - Nordic
Reading the Gas Market: Signals That Move Nordic Power Prices | Tobias Federico, Montel
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Tobias Federico, Chief Analyst at Montel, sets out why natural gas remains the strongest medium- to long-term driver of Nordic power prices, ahead of EUA and coal. He tracks Europe's slow storage refill — Germany is on course to dip below the critical 20% threshold this winter — the shifting balance between Norwegian pipeline gas and LNG, and how the Strait of Hormuz conflict is pulling LNG cargoes toward Asia and tightening supply for Europe. His conclusion: no volume risk this winter, but real price risk, especially in March. Recorded at Montel Energy Deep Dives – Nordic, Oslo, 19 August 2026.
