Wholesale Gas and Electricity prices were broadly stable on Thursday, and as mentioned previously most suppliers had already built the current volatility in to their pricing.
At retail, dependant on credit and sector, we are seeing Gas prices approaching 4p/kWh and Electricity prices below 20p/kWh. These are vindication of our position for many months now that prices will soften.
On the generation side; we ended up importing Electricity in the last week. Although renewables contributed 33% of production and were the dominant element, the price remained high because of imports. There was a shortfall in generation of 20% versus demand, and that is why prices increased.
| Gas: Gas prices gained yesterday due to supply tightness with limited LNG cargoes combining and incoming cooler temperatures. Power: Power prices rose yesterday, tracking the underlying movements of the gas market. However, the day ahead prices fell due to a strong wind output of 11GWs, leading to less reliance on fuel-fired generation. Oil:Oil prices rebounded yesterday due to escalating tension in the Middle East. Reports of intense fighting in Rafah, Gaza, raised supply disruption concerns. The $USD has fallen in value against a basket of other currencies, leading to cheaper oil. Carbon (EU ETS): The ICE Dec-24 fell to €66.67/t yesterday. The contract is currently trading at €66.08/t. Carbon (UKAs): The ICE Dec-24 traded relatively flat yesterday, slightly gaining to £46.02/t. At the time of writing, the contract had not yet traded. |
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