Last Thursday wholesale prices rose markedly. We envisage this being short term and not an indicator of the real market. Expect adjustments in the coming days
Retail prices have also increased in the past week
On the generation side, in the lower chart below, fossil fuels were at 30.6%, with renewables at 35.6%, nuclear at 12.8% and biomass at 8.4%. Imports were at 4.1% which is not good. The average generation cost per MWh has dropped back to £86.47
| Gas: NBP contracts continued their bullish ascent yesterday. British shippers changed from net injections to net withdrawals yesterday, this coupled with expectations of colder weather over the weekend helped apply pressure to prompt contracts. Power: Power prices tracked NBP movements throughout the curve. UKA December 23 contract seen gains yesterday supporting the far curve. Although front week wind forecasts were revised downwards, they remained well above seasonal average. Crude: Oil prices rallied yesterday as war risk premium in the middle east lessened, however, slow demand in China limited gains. Rumours of Saudi Arabia extending their oil cuts added further bullish sentiment. Carbon (EU ETS): The ICE Dec-23 closed at €81.13/t yesterday. The contract is currently trading at €80.20/t at the time of writing. Carbon (UKAs): The ICE Dec-23 rose to £44.02/t yesterday. The contract is currently trading at £43.90/t at the time of writing. |
