This week has seen mixed pricing fundamentals for both gas and power contracts. Day-ahead gas fell 2.8% to 60.00p/th, with temperatures increasing slightly towards seasonal normal levels, as well as periods of system oversupply. Day-ahead power fell 4.2% to £65.4/MWh, despite strong gains made throughout the week with tight supply margins and low levels of wind output. Friday 15 January saw a substantial decline in the day-ahead price amid strong renewable generation and reduced demand forecasts. February 21 gas was down 1.7% at 59.78p/th, and March 21 gas decreased 4.3% to 53.25p/th. Most seasonal gas contracts declined last week, down by 2.3% on average. Summer 21 and winter 21 gas dropped 5.3% and 3.7% respectively, subsiding to 41.28p/th and 49.57p/th. All seasonal power contracts declined this week, down on average by 3.0%, as summer 21 power decreased 4.3% to £50.90/MWh, while winter 21 fell 2.6% to £57.44/MWh. Brent crude oil continued its recent bullish trends this week, lifting 4.7% from the week prior to $55.97/bl. Prices reached their highest level since the beginning of February 2020 at $56.69/bl on 13 January. EU ETS carbon remained virtually static last week, to average €33.89/t. Carbon markets continue to prosper in the news of climate targets made by the EU and the potential opportunities of the new UK ETS, with auctions set to take place no later than Q221.
Baseload electricity | ||
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Forward curve comparison | Annual April Contract | |
Peak electricity | ||
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Forward curve comparison
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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 |