Headlines
Most power and gas contracts fell this week, with the day-ahead contracts as the exceptions. Day-ahead gas rose 2.1% to 29.35p/th, following an increase in Brent crude oil and Asian spot LNG prices, despite mild weather in the UK this week. Day-ahead power rose 6.3% to £36.15/MWh, with wind generation dropping midweek to leave a shortfall of supply. February 20 gas was down 3.0% at 31.06p/th, and March 20 gas decreased 3.3% to 30.56p/th. Most seasonal gas contracts increased last week, up by 0.4% on average, but summer 20 and winter 20 gas dropped 0.7% and 0.2% respectively, subsiding to 29.80p/th and 43.57p/th. Most seasonal power contracts declined this week, down on average by 0.6%, as summer 20 power decreased 1.8% to £38.70/MWh, while winter 20 fell 1.0% to £48.70/MWh. Brent crude oil fell by 0.2% to $67.45/bl as global tensions meant that oil was trading above $69/bl on Monday, but ended the week bearishly at below $66/bl. EU ETS carbon slipped by 3.8% to €24.51/t as prices wavered below €25/t in an uncertain week for the global economy. API 2 coal climbed by 1.0% to $57.40/t in the first weekly increase for coal prices since early October.
| Baseload electricity | | |
- Day-ahead power rose 6.3% to £36.15/MWh, following a drop in wind generation midweek.
- February 20 power slipped 3.4% at £40.00/MWh and March 20 power decreased 3.4% to £39.00/MWh.
| | - Q220 power moved 2.7% lower to £38.50/MWh.
- The Annual April 20 contract lost 1.4% to £43.70/MWh, 19.0% lower than the same time last year (£53.93/MWh).
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Forward curve comparison 
| | Annual October Contract 
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| Peak electricity | | |
- Day-ahead peak power was down 1.9% to £41.25/MWh, £5.10/MWh above its baseload electricity counterpart.
- February 20 peak power declined 3.2% at £45.20/MWh, and March 20 peak power decreased 3.2% to £43.00/MWh.
| | - The Annual April 20 peak power lost 1.4% to 49.28/MWh.
- This is 19.1% lower than the same time last year (£60.90/MWh).
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Forward curve comparison 
| | Annual October contract 
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| Seasonal power prices | | |
Seasonal baseload power contracts 
| | Seasonal baseload power curve 
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- Most seasonal power contracts declined last week, down on average by 0.6%.
- Summer 20 power decreased 1.8% to £38.70/MWh, while winter 20 fell 1.0% to £48.70/MWh.
| | - Most seasonal peak power contracts declined this week, down 0.5% on average.
- Summer 20 and winter 20 peak power dropped 2.1% and 0.9% respectively, falling to £42.75/MWh and £55.80/MWh.
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| Commodity price movements | | |
Oil and Coal 
| | Carbon
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- Brent crude oil fell by 0.2% to $67.45/bl.
- Oil began the week trading at $69.75/bl, with investors remaining cautious on how escalations in the Middle East could disrupt oil supply. Prices remained above $68/bl on 8 January as Iran struck two US military bases in Iraq, before falling below $66/bl on 9 January on the apparent de-escalations in tensions by the US and Iran.
- Price falls were extended by high US crude inventories, which reported an increase last week.
- API 2 coal increased 1.0% to average $57.40/t, the first weekly rise since early October 2019. More generally, coal prices continue to be suppressed as oversupply in LNG incentivises greater coal-to-gas switching across Europe.
| | - EU ETS carbon lost a further 3.8% to average €24.51/t.
- Prices wavered below €25/t in an uncertain week for the global economy.
- EU ETS prices climbed found midweek support on strong auction turnout although this was offset by the lowering in global tensions, where similarly to oil, prices dropped on 9 January.
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Wholesale price snapshot
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