24th July 2023 Energy Price Alert – UK Gas & UK Electricity

Prices were virtually stable on Friday, although what movement there was, was mainly downward.

Gas:  The majority of NBP contracts fell throughout Friday’s session. Gas fired Power demand was expected to fall around ~20%, in line with forecasts of increased wind output putting pressure on prompt contracts. This morning has seen prices increase slightly.
Power: Power prices largely fell throughout Friday’s session, following losses seen on their NBP counterparts. Falling carbon UKA prices put further pressure on the far curve. (For today’s price outlook, please see the table below)
Crude: Crude prices continued to gain again last week, helped by tight supply conditions. Throughout the continent, concerns over Chinese demand continue to weigh on the market.

Carbon (EU ETS): The ICE Dec-23 contract rose to €91.42/t last Friday. The contract opened at €91.7/t today and has since risen to €92.18/t at the time of writing. 
Carbon (UKAs): The ICE Dec-23 seen losses Friday, closing at £48.06/t. Today the contract opened higher at £48.2/t but has since fallen to £48.02/t
The Procurement Group

Join us...

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