All baseload power and gas contracts rose this week. Wholesale prices followed a recovery in EU ETS carbon, Brent crude oil and API 2 coal, with the former setting a fresh 11-year high. Prices were further supported by an undersupplied gas system following unplanned outages in Norway, while weaker wind generation led to an increase in gas for power demand. The day-ahead contract was up 14.6% to end the week at £46.6/MWh, the highest since 24 June. On average, seasonal baseload power contracts were up 7.6% week-on-week, mirroring their gas counterparts. Winter 19 power increased 10.7% to £59.7/MWh, the highest since the end of April. All gas contracts rose as the gas system was undersupplied for much of the week due to unplanned outages at Nyhamna and Langeled reducing flows from Norway, whilst planned maintenance at Troll saw lower than expected flows at times. Day-ahead gas was up 25.8% week-on-week to 34.4p/th, having peaked at 35.0p/th on 11 July. On average seasonal contracts were 8.9% higher week-on-week, supported by a recovery in Brent crude oil prices. Brent crude oil rose 2.0% to average $65.7/bl. Prices peaked at $67.6/bl on 11 July, the highest since 30 May. API 2 coal prices soared 5.1% to average $68.2/t, reaching a near nine-week high of $69.1/t on 11 July. EU ETS carbon prices were up 3.2% to average €27.4/t, going above €28/t on 10 July for the first time since April 2008.
Baseload electricity | ||
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Forward curve comparison
| Annual October Contract | |
Peak electricity | ||
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Forward curve comparison | Annual October 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 snaphot |