12th June 2024 Energy Price Alert – UK Gas & UK Electricity

Wholesale Gas and Electricity prices were broadly stable on Tuesday despite unplanned outages in Norway, which TPG read as further evidence that prices will not rise significantly in the coming months and may even continue to fall.

Gas: Gas prices rose in the near curve, due to new unplanned outages in the Norwegian Shelf, alongside continued outage at the Visund field. Temperatures in the UK are expected to average 16°C in week 25, closer to seasonal averages and thus reducing demand for gas. 

Power: Power prices were mixed yesterday, tracking losses in the NBP and gains in the carbon market. A downward revision of solar generation lifted the prompt contracts. 
Oil: Oil prices rose yesterday, due to an increased short term energy outlook from the EIA, forecasting that global oil demand would grow. 

Carbon (EU ETS): The ICE Dec-24 fell to €70.63/t yesterday. The contract is currently trading at €70.30/t at the time of writing.

Carbon (UKAs): The ICE Dec-24 closed upwards at £47.97/t yesterday. The contract is trading up this morning, currently trading at £48.00/t. 

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