All power and gas contracts and all commodity prices increased this week. Power and gas contracts reached new monthly highs driven mainly by a number of developments in Europe. News of safety concerns at a number of French nuclear reactors, leading to concerns over shutdowns to address the issues, the announcement of the closure of Europe’s largest onshore gas field eight years ahead of schedule and an ECJ ruling which will restrict the flow of Russian gas into Europe all drove power and gas prices significantly higher. Day-ahead power jumped 13.0% to £41.8/MWh, a seven-week high and month-ahead power gained 15.0% to £47.0/MWh. Significant rises were also seen in the seasonal contracts with winter 19 power gaining 9.7% to £55.5/MWh and the summer 20 contract lifting 5.8% to £49.2/MWh. Day-ahead gas surged 34.8% to a one-month high of 30.6p/th with month-ahead gas jumping 22.8% to 38.5p/th. Similar to the power market, notable gains were also observed in seasonal contracts. Winter 19 gas rose 11.9% to 50.2p/th, a one-month high and the summer 20 contract climbed 6.4% to 44.8p/th. Brent crude oil gained 3.9% to average $61.7/bl this week after Saudi Arabia named a new Energy Minister who is expected to push for greater production cuts to counter a slowdown in oil demand growth. API 2 coal prices rose 5.2% to average $67.6/t and EU ETS carbon lifted 2.8% to average €26.1/t.
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 |