Wholesale gas and electricity prices continued to drop notably on Thursday, which was welcomed.
In the generation market, the price last week was just below £85 per MWh, even though fossil fuels accounted for less than 30%, because we ended up importing from Europe.
| Gas: There were further declines in NBP prices yesterday. Despite an increase in demand, market downturn continued. An unplanned outage at Barrow treatment facility was expected to be remedied within day. Power: The majority of power contracts shed value yesterday, largely tracking NBP movements. Renewable output for the coming week was amended yesterday; Solar output was revised upward although it is still forecast below seasonal norm. Wind output was revised downwards, however, still forecast to be sitting above average for the time of year. Oil: Oil prices fell yesterday but are still looking at a week-on-week gain. As the US driving season nears a close, there are concerns regarding lower demand. The market is also keeping an eye on next week’s OPEC+ meeting. Carbon (EU ETS): The ICE Dec-25 closed at €71.72/t last night. The contract opened at €71.7/t this morning and is trading at €71.72/t at time of writing. Carbon (UKAs): The ICE Dec-25 closed at £51.62/t yesterday. The contract opened at £51.55/t this morning and is currently trading at £51.70/t. |
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