Montel Energy Deep Dives - Nordic
Inside Nordic Hydrology: Reservoir Levels, Snow & Inflow | Eylert Ellefsen, Montel
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Eylert Ellefsen, Senior Analyst at Montel, unpacks the 2026 Nordic hydrological balance — a deep deficit in southern Norway against near-normal levels in the north and Sweden, and why the once-tight correlation between the two broke down after 2023. Drawing on Montel's EMPS simulations across 45 weather years, he maps the range of outcomes for reservoir filling and NO2 prices this winter, and explains why NO2's shrinking gap to German prices leaves little room for a bottleneck-driven price spike. Recorded at Montel Energy Deep Dives – Nordic, Oslo.
