Headlines
All wholesale power and gas contracts fell week-on-week, with day-ahead gas dropping to a 20-month low as comfortable gas supplies and mild temperatures continue. Falling gas prices and strong wind generation drove day-ahead power prices to 18-month lows. All baseload power contracts fell week-on-week. Day-ahead power was down 1.0% to end the week at £47.5/MWh. The contract fell to £43.4/MWh on 14 March, a fresh 18-month low, amid forecasts of higher wind generation the following day. All seasonal power contracts continued to fall further, dropping 4.2% on average. Summer 19 power fell to an 11-month low of £45.5/MWh, while winter 19 power hit a nine-month low of £55.0/MWh. All gas contracts fell week-on-week, as above seasonal normal temperatures continued to drive down gas demand, leaving the gas system oversupplied for most of the week. Day-ahead gas dropped 8.8% to end the week at a 20-month low of 39.0p/th, 41.8% below the same time last year. Seasonal gas contracts decreased 6.6% on average, with summer 19 gas experiencing the biggest change falling 9.0% to end the week at 39.0p/th, a 13-month low. Brent crude oil prices rose this week, up 1.8% to average $66.9/bl. Within-day oil prices rose to a fresh four-month high above $68.0/bl on 14 March. EU ETS carbon prices slipped 1.1% to average €22.5/t. API 2 coal prices fell for a second consecutive week, down 3.7% to average $75.8/t, as milder temperatures in the northern hemisphere, combined with higher wind generation in Europe, dampened coal demand.
| Baseload electricity | | |
- Day-ahead power was down 1.0% at £47.5/MWh.
- The contract fell to £43.4/MWh on 14 March, an 18-month low, amid forecasts of higher wind generation.
- April and May 19 power went down 5.4% and 6.2% to £45.1/MWh and £44.3/MWh, respectively.
| | - Annual April-19 power was 5.3% lower week-on-week, falling to £50.3/MWh.
- The contract is 6.6% below the same time last month (£53.8/MWh), but 14.8% above the same time last year when it was £43.8/MWh.
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Forward curve comparison 
| | Annual April Contract 
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Peak electricity | | |
- Day-ahead peak power slipped 2.9% to £49.5/MWh, just £2.0/MWh above its baseload counterpart.
- Day-ahead peak power is 30.3% lower than the same time last year when it was £71.0/MWh.
- April and May 19 peak power lost 5.0% and 5.6% to £47.6/MWh and £47.7/MWh, respectively.
| | - Annual April 19 peak power dropped 4.9% to £55.6/MWh, remaining £5.3/MWh above its baseload power counterpart.
- The contract was 6.3% below its price last month (£59.3/MWh), but 14.0% higher than its value last year (£48.8/MWh).
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Forward curve comparison 
| | Annual April contract 
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Seasonal power prices | | |
Seasonal baseload power contracts 
| | Seasonal baseload power curve 
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- All seasonal power contracts continued to fall further, dropping 4.2% on average.
- Summer and winter 19 power fell to £45.5/MWh and £55.0/MWh, respectively.
| | - All seasonal peak power contracts went down this week, dropping by 4.2% on average.
- The summer 19 peak contract was 5.4% lower at £49.2/MWh, £3.7/MWh above its baseload power counterpart.
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Commodity price movements | | |
Oil and Coal 
| | Carbon 
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- Brent crude oil prices rose this week, up 1.8% to average $66.9/bl.
- Within-day oil prices rose to a fresh four-month high above $68.0/bl on 14 March, supported by concerns of tighter global supply.
- OPEC’s Monthly Oil Market Report suggests that the group could extend production cuts beyond June as demand is forecast lower than previously expected whilst growth in non-OPEC production is expected to rise.
- API 2 coal prices fell 3.7% to average $75.8/t.
- Milder temperatures in the northern hemisphere, combined with higher wind generation in Europe, has pushed conventional-fired power generation off the system, lowering demand for coal and pressuring API 2 coal prices further.
| | - EU ETS carbon prices slipped 1.1% to average €22.5/t.
- Carbon prices found some support this week after parliament voted against the prospect of a ‘no-deal’ Brexit.
- However, prices remain pressured by Brexit uncertainty, and by warmer temperatures easing conventional-fired power generation demand as gas prices fall further amid comfortable gas supplies.
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Wholesale price snapshot
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