26th June 2024 Energy Price Alert – UK Gas & UK Electricity

Apart from the next two months, there were very modest movements in the wholesale gas and electricity prices yesterday.  The more significant increases in short term electricity were driven by a reduction in output from French nuclear plants leading to more demand for gas.

Gas: Gas prices rose yesterday, following a fall in French nuclear generation. This led to additional demand for gas, thus increasing prices across the continent. The ongoing outage at Barrow North has again been extended until the end of this week.
Power: Power prices were supported by gains in the gas market, and unplanned outages at Hartlepool 1 and Heysham 2.
Oil: The oil market shifted focus yesterday as some major economies are looking to reduce interest rates. With the European Central Bank and Switzerland cutting rates earlier in June, the UK is expected to follow as inflation hit 2%, leading investors to anticipate a demand increase for oil.
Carbon (EU ETS): The ICE Dec-24 reversed some of its recent losses yesterday, rising to €67.92/t last Friday. The contract is currently trading at €68.91/t.
Carbon (UKAs): The ICE Dec-24 continued to find support yesterday and rose to £47.54/t. The contract is currently trading at £48.38/t.

#gas #electricity #businessutilities #businessgas #businesselectricity

The Procurement Group

Join us...

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