Wholesale gas and electricity gave up all of their gains from Wednesday on Thursday, which was welcomed. In the generation market, pricing shot back up by about £80 per MWh over the past week, as renewables only accounted for 33% of production. The increase was reflected in retail pricing, but we are expecting better news next week.

Gas: Gas prices fell in the prompt yesterday. This was due to a reforecast of improving renewables for next week. Curve prices were supported by an auction for Rehden storage in Germany.

Power: Power prices were mixed yesterday, falling in the prompt due to above average temperatures and forecasted strong renewables for week 30. Curve gains were supported by the gas and oil markets.

Oil: Oil prices rose yesterday after an Iraqi oil field was attacked by drones which continued to prove the risk in a highly volatile area. Price gains were also supported by the EU agreeing to further sanctions on Russian oil.

Carbon (EU ETS): The ICE Dec-25 settled down yesterday at €70.55/t. Opening at €70.56/t this morning, the contract is currently trading at €70.97/t.

Carbon (UKAs): The ICE Dec-25 fell to £50.98/t yesterday. The contract opened at £51.10/t and is currently trading at £51.25/t.

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