On Thursday, wholesale gas and electricity prices rose. Electricity remains just below £80 per MWh, while gas is at 83p per therm. The spreads between 1–3 year contracts remain at no more than 5%.
There were further increases in non-commodity costs on Thursday. If you would like further details on these, please let us know.
On the generation front, last week saw the price at £65.60 per MWh, which was welcome as it had been over £80 per MWh for the previous few weeks. Renewables accounted for over 51% of generation, while fossil fuels were down at 20%. Hopefully, we will have a windy and sunny September to help keep prices subdued.
| Gas: Gas prices rebounded in the prompt yesterday due to the expectation of limited Wind generation over the weekend. Curve prices tracked the prompt prices upwards. Power: Power prices rose yesterday, under the influence of Gas and Carbon gains. A weakened Wind output of 5.9GW/day over the weekend increased demand for more expensive fuel-fired generation. Oil: Oil prices fell by 1% yesterday, down to a two-week low. A surprising build in US inventories and the expectation of OPEC+ increasing production at their meeting over this weekend softened prices. Carbon (EU ETS): The ICE Dec-25 rose to €75.03/t yesterday. Opening at €75.06/t this morning, the contract is currently trading stronger at €75.47/t at time of writing. Carbon (UKAs): The ICE Dec-25 closed upwards to £55.73/t yesterday. The contract opened at £55.54/t this morning and is currently trading at £55.73/t. |
#gas #electricity #businessutilities #businessgas #businesselectricity