Headlines
This week represented yet another bullish week for gas and power prices, in what continues to be a particularly volatile period for wholesale energy prices. Day-ahead gas rose 25.4% to 222.00p/th, with a combination of market drivers pushing up prices, amid news that the German regulator temporarily suspending certification for the Nordstream 2 pipeline, underpinned by an already tight gas market throughout Europe. Conversely, day-ahead power fell 8.0% to £230.00/MWh, with stronger periods of wind generation seen in the week, despite significant price rises seen on 19 November (up £44.00/MWh from 18 November). December 21 gas was up 16.0% at 225.13p/th, and January 22 gas increased 16.9% to 231.62p/th. Most seasonal gas contracts boosted this week, up by 4.0% on average, while both summer 22 and winter 22 gas increased 6.6% and 6.6% respectively, lifting to 108.75p/th and 111.37p/th. All seasonal power contracts rose this week, up on average by 5.5%, as summer 22 and winter 22 expanded 7.5% and 6.5% respectively, rising to £111.25/MWh and £113.99/MWh.
| Baseload electricity | | |
- Day-ahead power fell 8.0% to £230.00/MWh, with weaker periods of wind generation seen in the week, despite significant price rises on Friday 19 November
- December 21 power climbed 21.1% at £230/MWh and January 22 power increased 17.9% to £246.88/MWh.
| | - Q122 power moved 18.4% higher to £225/MWh.
- The annual April 22 contract rose 7.0% to £112.62/MWh, 149.5% higher than the same time last year (£45.13/MWh).
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Forward Curve Comparison
 | | Annual April Contract 
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| Peak electricity | | |
- Day-ahead peak power was down 19.6% to £270.00/MWh, following baseload power lower.
- December 21 peak power declined 0.0% at £225/MWh, and January 22 peak power decreased 0.0% to £273/MWh.
| | - The annual April 22 peak power rose 2.0% to £126.5/MWh
- This is 144.5% higher than the same time last year (51.74/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 grew this week, up on average by 5.5%.
- Summer 22 and winter 22 expanded 7.5% and 6.5% respectively, rising to £111.25/MWh and £113.99/MWh.
| | - Most seasonal peak power contracts boosted this week, up 1.2% on average.
- Summer 22 peak power increased 7.0% to £123.00/MWh, while winter 22 peak power dropped 2.3% to £130.00/MWh.
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| Commodity price movements | | |
Oil and Coal 
| | Carbon 
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- Brent crude prices fell 0.8% from the previous week to average $81.08/bl. Prices still remain ~84% higher than the same time a year prior.
- Brent crude prices continue to sit well above levels seen last year, drawing on tighter global gas and oil supply.
- Major oil producers in China and the USA are looking to exploit their crude reserves to combat the on-going market tightness, with increased supply into the market weighing on prices as a result.
- Meanwhile, API 2 coal rose 1.4% to average $109.60/t.
| | - Carbon prices saw strong gains this week, with UK ETS prices up 8.9% to £59.83/t. The EU ETS mirrored these trends, up 9.0% to €66.97/t.
- A cold weather front making its way across much of North-West Europe and the UK has supported carbon prices, particularly as the week matured – with increased EUA demand required to cover gas-fired power generation.
- Lower periods of wind and renewable output supported carbon prices too, with the need for increased gas-fired generation to meet demand.
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Wholesale price snapshot 
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