All wholesale power contracts and most gas contracts fell this week. Prices were pressured by forecasts of nearer seasonal normal temperatures in February, easing demand, comfortable gas supply margins, and falling commodity prices. All baseload power contracts fell week-on-week. Day-ahead power dropped 8.4% to a seven-month low of £54.5/MWh, following its gas counterpart lower. Seasonal power contracts fell 3.3% on average from the previous week, with summer 19 power down 5.6% to £51.8/MWh, the lowest since August 2018. Most gas contracts fell as the gas system was well supplied amid increased LNG imports, high storage levels and forecasts of milder temperatures. Day-ahead gas dropped 9.7% to 52.1p/th, a nine-month low and 0.1p/th above the same time last year when the contract was 52.0p/th. Although most seasonal gas contracts rose, a 4.0% week-on-week drop in the summer 19 gas contract saw seasonal gas prices down 0.6% on average. Summer 19 gas started February at 48.2p/th, the lowest since 21 June 2018. Brent crude oil prices fell for the first time in five weeks, down 0.8% to average $61.2/bl as economic data shows slower than expected growth in China, signalling weaker demand for oil. API 2 coal prices slipped 1.4%, reversing the previous week’s gains and averaging $84.8/t. Coal prices have fallen amid forecasts of milder temperatures in February across Europe and weaker coal demand in Asia. EU ETS carbon prices dropped for the first time in three weeks, down 7.9% to average €22.6/t.
Baseload electricity | ||
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Forward curve comparison | Annual April Contract | |
Peak electricity | ||
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Forward curve comparison | Annual April contract | |
Seasonal power prices | ||
Seasonal baseload power contracts | Seasonal baseload power curve | |
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Commodity price movements | ||
Oil and Coal | Carbon | |
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Wholesale price snapshot |