Wholesale Gas and Electricity prices rose slightly on Friday as a readjustment to the significant reductions during the rest of the week.

We expect more stability with further moderate reductions in the days, weeks, months ahead.

Gas: Gas prices rose at the conclusion of last week. Curve prices strengthened, shadowing the gains in the wider energy complex. Prompt prices rose following unplanned maintenance at Aasta Hansteen field, down 11mcm/day. Lower wind forecasts for the week ahead further supported price increases as demand for gas-fired generation rose. Power: The Power price curve rose last Friday, tracking carbon and gas market movements. Day ahead prices fell on Friday amidst strong wind and solar generation, 8.5GWs and 2.6GWs respectively. A full capacity outage of the 500MW East-West Ireland-UK interconnector for planned maintenance limited further declines in the day ahead. Oil: Oil prices were less volatile on Friday and traded upwards after two weeks of uncertainty. Currently, China is expected to increase the tariff on US imported goods to 125% in retaliation to the US increasing import tariffs of Chinese goods to 145%. Carbon (EU ETS): The ICE Dec-25 continued to increase on Friday, closing upwards to €62.82/t. Opening at €65.64/t this morning, the contract is now trading upwards at €65.93/t. Carbon (UKAs): The ICE Dec-25 rose to £46.23/t last Friday. The contract opened at £46.25/t this morning and continues to trade at £46.45/t at the time of writing.

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