There were significant drops in price on Monday in both wholesale Gas and Electricity and we are now seeing contracts coming through, for the right business, at sub-20p/kWh.

Winter ’24 is back down and nudging £80/MWh, which is good news.

Gas: NBP prices fell yesterday with flows of 22.5mcm/day received via the Easington pipeline during Monday’s session. LNG withdrawals more than halved yesterday with British storage currently sitting at a healthy 72%. A further shipment is expected at Isle of Grain at the start of next week.   Power: Power prices incurred losses throughout the curve yesterday as contracts tracked the wider energy complex. Despite wind forecasts being relatively average, there is potential that strong solar output could offset this.   Oil: Markets are waiting in anticipation of an interest rate cut in the US with the Federal Reserve meeting scheduled for today. A drop in interest rates should potentially strengthen oil demand.   Carbon (EU ETS): The ICE Dec-24 closed at €63.21/t yesterday. The contract is currently trading at €63.12/t this morning.   Carbon (UKAs): The ICE Dec-24 closed at £41.651/t last night. The contract is currently trading at £41.40/t at the time of writing.

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