5th September 2023 Energy Price Alert – UK Gas & UK Electricity

Gas: Gas prices fell yesterday. Prompt prices fell alongside a 24mcm decline in domestic demand due to the warmer weather. UK storage is currently at 86% capacity, which is 6% lower than the same time last year. 

Power:  Power prices fell across the curve yesterday shadowing the Gas market. Solar power generation is expected to rise above seasonal norms at 2GWs/day this week. 

Crude: Oil prices rose yesterday, continuing its recent climb due to the tightening of supplies from OPEC+. The US federal reserve is expected to leave interest rates at their current rates, softening the $USD, which will make oil cheaper for non-currency holders. 


Carbon (EU ETS): The ICE Dec-23 continued to fall to €84.16/t yesterday. Opening at €84.33/t today, the contract has recovered to €84.02/t after hitting a low of €83.65/t at the time of writing.  

Carbon (UKAs): The ICE Dec-23 fell to £44.59/t yesterday. The contract has opened at £44.5/t and has continued to soften to £44.15/t at the time of writing.  

The Procurement Group

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