Wholesale gas and electricity prices saw significant rises on Thursday, in both the immediate term and for April and October contract starts.
On the generation side the past week saw the generation cost at a very high level £102.06/MWh. Renewables were once again the driving factor this past week at 46.8%, closely followed by fossil fuels at 31.2%.
| Gas: NBP prices strengthened during yesterday’s session. Concerns over refilling storage are impacting price, with storage levels well below the 5-year average. Contracts further out on the curve also gained with geo-political concerns supporting movements. Power: Most power contracts gained yesterday. Low wind and cold temperatures pushed prompt prices higher, whilst bullish NBP movements pressured most contracts upwards, throughout the curve. Oil: Prices continued to rise yesterday. Concerns over the US potentially taking military action against Iran proved a primary driver. A larger than expected drop in US inventory provided further upside. Carbon (EUAs): The ICE Dec-26 closed at €83.98/t. The contract has opened at €83.55/t this morning. Carbon (UKAs): The ICE Dec-26 fell to £65.13/t yesterday, opening slightly higher this morning at £65.25/t. |
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