14th June 2024 Energy Price Alert – UK Gas & UK Electricity

Wholesale gas and electricity prices rose marginally again on Thursday but have still not counteracted the reductions of previous days.  We expect this instability to come to a close in the coming days.

At a retail level we are seeing prices nudge 20p/kWh for electricity and drop below 5p/kWh for gas.

On the generation side, in the lower table, the production price of electricity has now dropped back below £60/MWh and this is driven by renewables being over 40% of total production in the past week.  This is good news as it supports lower prices going forward.

Gas: Another bullish day for gas prices as concerns over supply from Norway continued to weigh on prices.

Power: Power prices tracked, influenced by the rise in NBP contracts.

Oil: Oil prices were relatively flat day-on-day, with only a slight uptick. Initial losses due to fear over demand were erased by the end of the session.

Carbon (EU ETS): The ICE Dec-24 closed at €70.70/t last night. The contract is currently trading at a similar level this morning.

Carbon (UKAs): The ICE Dec-24 finished higher at £49.34/t by last night’s close. The contract is still trading at the same level.

#gas #electricity #businessutilities #businessgas #businesselectricity

The Procurement Group

Join us...

and 2000+ other CFOs and FDs who are already enjoying our free resources and industry insights.