11th June 2024 Energy Price Alert – UK Gas & UK Electricity

Wholesale gas & electricity prices rose on Monday following a week of significant drops.

At a retail level we’re seeing day/night contracts now back below 20p on average/kwh.

TPG believe that Monday’s rises were due to a market adjustment foillowing the last week’s drops and hope to see further dropsnin the days ahead

Gas: NBP prices rallied again yesterday, perhaps partly influenced by bullishness in foreign commodity markets. Another unplanned Norwegian output added further pressure into the mix. This morning, markets have opened steady.
Power: Prices increased following trends in the wider energy complex. Temperatures are expected to remain below seasonal norms this week, whilst wind generation is now forecast 20% above seasonal until the turn of the week. Current demand in June is 2.3GW below the previous 4 year’s average.
Oil: All eyes are on the US Federal Reserve this week, after the ECB lowered interest rates. The Federal Reserve will meet across today and tomorrow. The market is anticipating a seasonal demand increase, which has been reflected in the corresponding pricing.
Carbon (EU ETS): The ICE Dec-24 fell to €70.80/t yesterday. The contract is currently trading at €71.37 at the time of writing.
Carbon (UKAs): The ICE Dec-24 closed at £46.47/t yesterday. The contract is trading up this morning, currently trading at £46.98/t.

#gas #electricity #businessutilities #businessgas #businesselectricity

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