Wholesale Gas and Electricity prices continued to rise on Tuesday as the weather, combined with geopolitical factors, drove uncertainty and moved demand outside of the expected usage.

Gas: Gas prices fell yesterday with support from above average wind generation easing demand for gas. The GB-France interconnector is to resume operations on 16 December, providing further relief for gas. Power: Power prices fell yesterday despite below average temperatures and a downwards revision in continent wind generation. However, UK wind generation is expected to continue above average at 13.9GWs/day. Oil: Oil prices rose yesterday ahead of the OPEC+ meeting with ongoing conflicts in the Middle East providing further price support. OPEC+ is expected to delay their plans to increase their output over global oversupply fears and weakening Chinese demand. Carbon (EU ETS): The ICE Dec-24 closed downwards at €68.49/t yesterday. The contract is trading at €67.9/t this morning. Carbon (UKAs): The ICE Dec-24 closed yesterday at £36.66/t. The contract is currently trading at £36.50/t.

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