On Thursday short term pricing was up slightly, nothing like the reductions of the past few days, while beyond Q3 24 was broadly calm with minimal movement
The generation side, lower table, has supported the wholesale price movements with over 40% produced by renewable sources in the past week and less than 16% from fossil fuels. This has led the £/MWh rate to srop below £70 for the first time in a few weeks which is good news. we expect to see further downward pressure on generation prices in the weeks ahead.
| Gas: Gas prices were volatile yesterday following further unplanned outages in Norwegian gas fields, creating a bullish drive in near curve pricing. Wind generated 5.4GWs yesterday, which is significantly less than forecasted, thus adding to the prompt gains. Power: Power prices pushed upwards yesterday following inclines in the carbon and gas markets. Near curve prices were driven upwards by a planned full capacity outage on the 1GW UK-France interconnector in June. Oil: Oil prices moved upwards yesterday after the market showed signs of demand recovery. The European Central Bank cut interest rates, instilling hopes that oil consumption would increase. The market is eagerly anticipating the US to also cut their interest rates in September. Carbon (EU ETS): The ICE Dec-24 settled near flat yesterday to €72.10/t. The contract is currently trading at €71.22 at the time of writing. Carbon (UKAs): The ICE Dec-24 rose to £46.98/t yesterday. The contract has opened trading at £46.59/t this morning. |
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