22nd December 2023 Energy Price Alert – UK Gas & UK Electricity

We saw further increases on Thursday as forecasted lower temperatures impacted the market.

The overall position, is far better than it was, three months ago and once this bit of turbulence has died down, we expect to see further reductions.

Have a great festive break!
Gas: NBP contracts gained yesterday, through what proved to be a volatile day’s trading. Wind output and temperature are expected to drop from their current levels back to seasonal norm in the coming fortnight and this has applied pressure to the prompt. Strong winds at Milford Haven, causing risk of delays, provided further upside.

Power: Power prices climbed yesterday tracing NBP movements.  The Dec’24 UKA contract rose yesterday providing support further out on the curve. (For today’s price outlook, as of last nights close, please see table below.)

Oil: Crude prices eased yesterday after consecutive days of gains. The market retains some bearish sentiment, as the US reported higher than expected inventories last week.
Carbon (EU ETS): The ICE Dec-24 rose to €77.88/t yesterday. Opening at €77.89/t this morning, the contract is currently trading at €78.01/t. 

Carbon (UKAs): The ICE Dec-24 closed at £43.02/t yesterday, the contract is currently trading at a flat £42.90/t.
The Procurement Group

Join us...

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