3rd November 2023 Energy Price Alert – UK Gas & UK Electricity

Prices rose a little on Thursday with Gas outstripping electricity again.

At retail prices have risen in recent weeks but seem to have stabilised now 2p-3p/kWh above where they were before the current Middle East troubles.

On the weekly generation picture in the lower table renewables are higher at 43.2% with wind at 38.4%.  This is a contributory factor to electric changes not being as pronounced as those for gas.

Gas: Gas prices rose yesterday as the US declared sanctions against Project Arctic, an LNG facility, reigniting political tensions between the US and Russia. Prices were further supported by the weather as Storm Ciaren prevented cargoes from docking and high winds kept some turbines offline. 


Power:  Power prices fell yesterday, opposite to the Gas market. Wind-power production was revised upwards by 0.6GWs yesterday, reducing demand for fuel fired generation. Declines in the Carbon market influenced the further out power prices. 


Crude: Oil prices edged higher yesterday as the US Federal reserve decided to hold interest rates at 5.5% combined with escalating conflict concerns across the Middle East. 

Carbon (EU ETS): The ICE Dec-23 rose to €78.61 yesterday. The contract is currently trading at €79.06/t at the time of writing. 

Carbon (UKAs): The ICE Dec-23 fell to £36.99/t yesterday. The contract is currently trading at £37.32/t at the time of writing. 
The Procurement Group

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