13th November 2023 Energy Price Alert – UK Gas & UK Electricity

Prices dropped back on Friday and gave up most of Thursday’s gains
Gas: Gas prices fell at the end of last week. Warmer temperatures, high wind generation and high levels of storage provided bearish fundamentals to the Gas market. Northwest European temperatures are predicted to be above average over the next two weeks. 

Power: Power prices also fell last Friday as the market tracked the underlying Gas contracts. Wind generation is forecast to reach 12.1GWs/day this week, weakening demand for more expensive Fuel fired generation. An unplanned outage at EDF’s Heysham 2 of 660MWs, has provided some resistance to the softening prices. 

Crude: Oil prices rose last Friday due to the decline in strength of the $USD, making oil cheaper for other currency holders. The US Federal Reserve continues to discuss the possibility of raising interest rates and will provide a statement after their meeting on November 15th. 

Carbon (EU ETS): The ICE Dec-23 rose to €78.7/t on Friday. The contract is currently trading at €78.11/t at the time of writing. 
Carbon (UKAs): The ICE Dec-23 rose to £44.62/t at the end of last week. The contract is currently trading at £44.5/t at the time of writing. 
The Procurement Group

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