25th June 2024 Energy Price Alert – UK Gas & UK Electricity

On Monday wholesale gas and electricity prices were broadly stable with very slight increases and decreases across the piece.

Gas: Gas prices rose in the near curve yesterday, but fell in the further out curve. Unplanned outages at Norway’s Dvalin and Visund removed 24mcm/day of capacity from the market. The British system was expected to end the day 3.1mcm short yesterday, further supporting prices.

Power: Power prices tracked gains from the wider energy complex yesterday. The unplanned outage at Hartlepool reactor 1 has been extended and is due to return to full capacity by 8 July.

Oil: Oil prices were volatile yesterday. Growing geopolitical tension supported prices, with Ukrainian strikes on Russian oil facilities. Petro Ecuador declared a force majeure on its exports due to heavy weather damaging their pipelines.

Carbon (EU ETS): The ICE Dec-24 continued to slide yesterday, falling to €67.35/t last Friday. The contract has not yet traded at the time of writing. 

Carbon (UKAs): The ICE Dec-24 found some support yesterday and rebounded slightly to settle upwards at £45.90/t. The contract has not yet traded today at the time of writing.

#gas #electricity #businessutilities #businessgas #businesselectricity

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