28th February 2024 Energy Price Alert – UK Gas & UK Electricity

The market moved ever so slightly yesterday. There is still upward pressure because of reduced supplies from the US, but we believe that there is adequate stock and an adequate supply of gas due.

Gas: Gas prices rose yesterday following rising demand in the prompt due to colder weather and storage withdrawals. Additional price support was found when UK cargo ships were also attacked in the Red Sea by Houthi rebels.
Power: Power prices rose yesterday after tracking a bullish afternoon on NBP contracts. UK nuclear generation has output 1.3GWs less than average so far this February, largely due to the unplanned outages.
Oil: Oil prices rose yesterday as the market awaited news of a potential Gaza ceasefire. OPEC+ also look to extend their production cuts into Q2 2024.
Carbon (EU ETS): The ICE Dec-24 contract moved upwards to 55.68/t yesterday. The contract is currently trading at €55.95/t after peaking at €56.96/t in the early window.
Carbon (UKAs): The ICE Dec-24 rose to £35.59/t in yesterday’s session. The contract is currently trading at £35.58/t.

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The Procurement Group

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