7th August 2023 Energy Price Alert – UK Gas & UK Electricity

A mixed bag on Friday with many drops reflected in the table below and then further volatility this morning especially on. Nov-23 which has gone up over £20/MWh in the past week.  Electricity prices remain fractionally below the levels they were last Wednesday, with gas now at the same price as last Wednesday

Gas: NBP prices largely fell on Friday as strong wind generation and below seasonal demand applied pressure. Storage levels are approaching capacity, putting further constraint on near curve contracts. Today the market has opened slow, with marginal increases in front month prices.

Power:  The majority of power contracts fell in price on Friday, helped by falling NBP prices. Above seasonal wind generation helped keep near curve contracts bearish. For today’s price outlook, as of Friday’s close, please see table below.

Crude: Oil prices were up for the second day in a row on Friday, spurred on by cuts to September supply. A weakening US dollar has helped increase trading activity.

Carbon (EU ETS): The ICE Dec-23 closed at €83.65/t on Friday. Today it opened at €83.71 and has since risen slightly to €83.89

Carbon (UKAs): The ICE Dec-23 closed at £41.23/t on Friday. At time of writing the contract has yet to trade today.

The Procurement Group

Join us...

and 2000+ other CFOs and FDs who are already enjoying our free resources and industry insights.