21st May 2024 Energy Price Alert – UK Gas & UK Electricity

Wholesale Gas and Electricity prices rose on Monday, we believe as a result of further political instability created by the death of the Iranian president.

The markets are reporting that it was a result of lower wind production and a Norwegian outage, but we believe the geo-political factors are a more appropriate explanation.

Gas: NBP contracts gained yesterday, as low wind outputs and planned Norwegian outages pressured the market.
Power: Power prices rose yesterday, supported by movements in the wider energy complex. Solar output for next week is forecast 20% above seasonal norm.
Oil: Oil prices were volatile throughout yesterday’s session, falling off as we moved throughout the afternoon.
Carbon (EU ETS): The ICE Dec-24 closed at €74.22/t yesterday. This morning, the contract is currently trading down at €73.42 /t.
Carbon (UKAs): The ICE Dec-24 gained yesterday, settling at £42.88/t. Opening slightly lower today, the contract is currently trading at £42.79/t.

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The Procurement Group

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