29th April 2024 Energy Price Alert – UK Gas & UK Electricity

Wholesale Gas and Electricity prices rose on Friday as the recent turbulence in the market continued.

The electricity curb for 1-5 years remains flat, while the gas curve has more variation, but the further out one goes, the lower the prices are forecast.
Gas: Forecasts of increased wind output for Monday, compared to Friday, caused a decline in day ahead pricing. An expected rise in temperature this week added further pressure. So far this morning, most near curve contracts are trading below Friday’s closing price.
Power: Power contracts shed value in line with bearishness in NBP and UKA prices throughout the previous session. This week, weather fundamentals are likely to drive prices, with above seasonal wind and temperatures forecast.
Carbon (EU ETS): The ICE Dec-24 closed at €66.92/t on Friday. This morning, the contract has fallen and is currently trading at €65.41/t.
Carbon (UKAs): The ICE Dec-24 closed at £36.05/t last week. The contract opened lower this morning at £36.00/t; at the time of writing it’s trading at £35.57/t.

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