2nd May 2024 Energy Price Alert – UK Gas & UK Electricity

Wholesale Gas and Electricity markets dropped on Wednesday as the recent volatility continued.

TPG’s position remains that there will be further price drops, that said possibly no more than 10% from current levels.

Gas: Prices fell yesterday, with wind generation set to rise as we move into the weekend, pressuring day ahead contracts. Temperatures throughout week 18 are to remain above seasonal average, suppressing gas demand.
Power: A decline in the NBP front month helped pressure the power near curve yesterday. Throughout April, the UK has been in a net import position, averaging 3.3GW.
Oil: Prices continued to fall yesterday. EIA data shows that inventory levels are their highest since June 2023.
Carbon (EU ETS): The ICE Dec-24 closed at €67.28/t yesterday. This morning the contract has opened €68.15/t, currently trading at €69.98/t. 
Carbon (UKAs): The ICE Dec-24 rose yesterday to £36.7/t. The contract opened similar today at £35.9/t, at time of writing it is trading at £37.34/t. 

#gas #electricity #businessutilities #businessgas #businesselectricity

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