6th September 2023 Energy Price Alert – UK Gas & UK Electricity

Gas: Gas prices found some strength yesterday following a seasonal low in Wind generation and planned maintenance for the BBL pipeline to begin. Domestic demand rose by 6mcm to 110mcm/day. 

Power:  Power prices rose alongside Gas prices yesterday, as an unplanned outage on the East-West interconnector is set to happen, losing 500MWs and forcing an increased demand for Fuel-fired generation. 

Crude:  Oil prices jumped yesterday after OPEC+ members Russia and Saudi Arabia have decided to extend their voluntary production cuts until the end of the calendar year. However, gains were limited due to China’s lower than expected service demand data, which grew at its slowest rate in 8 months. 

Carbon (EU ETS): The ICE Dec-23 continued to fall to €83.85/t yesterday. Opening at €84.08/t today, the contract has recovered to €84.5/t at the time of writing.  

Carbon (UKAs): The ICE Dec-23 fell to £44.04/t yesterday. The contract has opened at £43.55/t and has continued to soften to £43.28/t at the time of writing.  

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