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

Gas: Gas prices fell across the curve yesterday following the postponement of the Chevron industrial action in Australia. Prompt contracts also fell as Europe nears 100% Gas storage capacity. 

Power: Power prices continued to track the Gas market yesterday. UK Wind generation is forecast to increase from 1.6GWs/day to 7GWs/day next week, easing demand for Fuel-fired generation. However Solar generation is expected to fall from the second half of September. 

Crude: Oil prices softened yesterday as investors took their profits after the previous days rally. The rally was caused by OPEC+ members Saudi Arabia and Russia declaring supply cuts until the end of the year. 

Carbon (EU ETS): The ICE Dec-23 continued to fall to €83.67/t yesterday. Opening at €83.68/t today, the contract has recovered to €83.86/t at the time of writing. 

Carbon (UKAs): The ICE Dec-23 fell to £43.62/t yesterday. The contract has opened at £43.80/t and has continued to soften to £43.69/t at the time of writing.  

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