Wholesale Gas and Electricity prices continued to drop at the end of the week which has been welcomed and we expect that to continue, albeit at more modest rates going forward.

Gas: The UK is to expect three LNG cargoes by the 18th of October, signalling no requirement for additional demand. Unconfirmed reports of a Ukraine-Azerbaijan Gas transit deal softened prices on Thursday, causing the market to rebound on Friday.   Power: Power prices tracked the wider energy complex at the close of last week. The unplanned outage at Hartlepool 1’s nuclear reactor has been extended, removing 111MWs from supply. Re-forecasted wind generation fell by 0.4GWs, to 9.4GWs, but still 20% above seasonal norms.   Oil: Oil prices continued to rise at the end of last week following the interest rate cut from the US Federal Reserve. Libya resuming crude exports, limited further gains.   Carbon (EU ETS): The ICE Dec-24 reversed direction and rose to €63.39/t at the end of last week. The contract is currently trading back above the last close at €63.88/t.   Carbon (UKAs): The ICE Dec-24 rose to £39.42/t last Friday. The contract is currently trading lower at £40.04/t.

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