The majority of wholesale power and gas contracts rose week-on-week, with day-ahead power an exception as it was supported by strong wind generation whilst colder weather drove gas prices higher. Commodities experienced mixed movements, with both API 2 coal and EU ETS carbon prices rising week-on-week, compared to Brent crude oil which dropped despite upcoming cuts. Day-ahead power fell 0.9% to end the week at £64.1/MWh, whilst the month-ahead contract increased 8.7% to £67.4/MWh and February 19 power gained 7.6% to £67.0/MWh. Most seasonal baseload power contracts increased, up 4.0% on average. All gas contracts increased, with near-term contracts pressured by below seasonal normal temperatures last week, despite high LNG send-out continuing. Week-on-week day-ahead gas gained 10.2% to 66.4p/th. The new month-ahead contract rose 8.8% to 67.9p/th and seasonal gas contracts went up 5.0% on average. Brent crude oil prices decreased 1.1% to average $60.6/bl last week, reversing the previous week’s gains. Prices were weighed on by the release of data showing Chinese economic growth had slowed to the lowest in years despite news that US crude stocks had decreased by 7.3mn barrels the previous week. API 2 coal prices gained 2.1% to average $88.1/t, despite China reducing seaborne thermal coal imports for the remainder of 2018. EU ETS carbon prices lifted 6.3% to average €21.3/t, with within-day carbon prices peaking at €23.8/t on 14 December, a three-month high.
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
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