31st May 2024 Energy Price Alert – UK Gas & UK Electricity

Wholesale Gas and Electricity prices rose slightly on Thursday, eating back very slightly into the reductions seen on Tuesday.

At a retail level we are seeing Gas contracts, dependent on volume and credit, around 6p and Electricity contracts around 20-22p.

On the generation side: last week’s price was pretty stable at 75.11£/MWh, although renewables increased to 35% of total generation. The price stayed high because we have to import over 15% of the total to meet the demand requirement.

Gas: Gas prices rose yesterday due to unplanned Norwegian field outages despite the system closing long on the session. The UK expects to receive only one LNG shipment by 4 June, further limiting supplies.
Power: Power prices tracked upwards yesterday following the wider energy complex, namely carbon and gas markets.
Oil: Oil prices fell yesterday due to fears of a US slowdown in demand due to higher borrowing costs and high interest rates.
Carbon (EU ETS): The ICE Dec-24 erased this week’s losses and bounced back to €75.48/t yesterday. This morning, at the time of writing, the contract is trading up at €76.00/t.
Carbon (UKAs): The ICE Dec-24 rebounded up to £46.42/t yesterday. The contract has continued to gain strength this morning, trading at £46.71/t at the time of writing. 

#gas #electricity #businessutilities #businessgas #businesselectricity

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