Wholesale gas & electricity prices were broadly stable on Monday with very minor movements each way
Business users should ignore the headlines in the reports of prices going up. That relates to consumers where the price cap is adjusted every few months at present. In terms of business contracts prices are above where they were 3 weeks ago but still lower than where they were 1 year ago. The big drops from electric contract prices/kWh beginning with a 3 or more have been received. The best we’ll get to is probably around 18p/kWh for electricity but that is unlikely to happen until next year. We’re at the whim of geo-political issues in Russia/Ukraine and Israel/Iran because the market fundamentals support lower prices.
If you would like to discuss your individual situation please contact me on 07768 421 901, or do feel free to email me at this address.
| Gas: The front month contract rose yesterday with Norwegian maintenance due to impact on September’s supply. Prices were down slightly throughout the rest of the curve. So far this morning, the market is trading relatively flat compared to last night’s close. Power: Another volatile day for power markets as prices moved in both directions. Geopolitical tensions are still the main driver behind movements and the market is currently secure. Oil: Faltering demand in China has helped push oil prices below $80/bbl. Data released over the weekend showed that output from China had fallen to its lowest levels since October 2022. Carbon (EU ETS): The ICE Dec-24 continued its bullish momentum, closing at €73.14/t yesterday. This morning the contract is trading up again, currently at €73.36/t. Carbon (UKAs): The ICE Dec-24 closed slightly down at £40.61/t yesterday. The contract is currently trading at £41.27/t this morning. |
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