10th September 2024 Energy Price Alert – UK Gas & UK Electricity
On Monday near-term wholesale Gas and Electricity prices rose further although further out, from Summer ’25, the market was relatively stable.
Gas: An undersupplied grid at midday yesterday ensured that prompt prices were bullish. Gains were limited, however, wind generation is forecast to nearly double on Tuesday, compared to Monday.
Power: Near curve prices gained yesterday, tracking bullishness in NBP contracts. Wind generation for the rest of this week is forecast to be around 11.8GW, well above normal. This may limit any gas for power demand.
Oil: After reaching lows not experienced since 2021 last week, prices gained yesterday on fears that a cyclone 6 storm could potentially reach the Gulf of Mexico, disrupting offshore oil activities and onshore refineries.
Carbon (EU ETS): The ICE Dec-24 closed at €66.52/t yesterday. After a busy morning’s trading, the contract is currently trading at €66.79/t.
Carbon (UKAs): The ICE Dec-24 closed at £42.65/t after yesterday’s session. The contract is currently trading higher at £43.65/t this morning.
