24th September 2024 Energy Price Alert – UK Gas & UK Electricity
On Monday, wholesale Gas and Electricity prices rose as a result of the increased geo-political tension in the Middle East.
Gas: Gas prices rose yesterday as tension in the Middle East increased uncertainty. Reports of escalating conflict in the Middle East rose concerns around gas production and distribution.
Power: Power prices rose yesterday tracking the gas market. Gas-fired generation in the third quarter of 2024 has averaged 6.5GWs/day, which is 5.3GWs/day less than the average output for the third quarters in 2019-2023.
Oil: Oil prices rose yesterday due to rising geopolitical tensions in the Middle East and increasing likelihood of supply disruptions. However a bearish demand outlook limited prices from escalating further as Germany posted its eighth straight month of contracting PMI, falling to 47.2.
Carbon (EU ETS): The ICE Dec-24 continued its recent run and rose to €64.10/t yesterday. The contract is currently trading at €64.3/t.
Carbon (UKAs): The ICE Dec-24 fell to £38.83/t yesterday. The contract is currently trading higher at £39.59/t.
