5th November 2024 Energy Price Alert – UK Gas & UK Electricity
Wholesale Gas and Electricity prices rose on Monday, as a result of continuing low levels of renewable output.
As the weather becomes more Autumnal this should change, but while it is so mild and there’s a lack of wind fossil fuels will be the predominant source of energy and that will keep prices elevated.
Gas: NBP prices gained yesterday, tracking movements in oil markets. Gas generation made up over 50% of the generation mix, as forecast wind output was revised to 1.6GW for the remainder of the week.
Power: Power prices ramped up yesterday, backed by NBP gains as well as tighter supply. Gas for power generation has increased on the back of lower than expected wind output.
Oil: Crude prices jumped up following news that OPEC+ will delay their output uplift. The market awaits the result of the US election and the impact that may have on the USD.
Carbon (EU ETS): The ICE Dec-24 rose to €65.22/t yesterday. The contract is currently trading similar this morning at €65.13/t.
Carbon (UKAs): The ICE Dec-24 closed at £37.99/t last night. The contract is currently trading at £37.95/t this morning.
