All wholesale power and gas prices rose this week on the back of forecasts of below seasonal normal temperatures for the rest of 2018, whilst Brent crude oil and API 2 coal experienced downwards movements. The day-ahead power contract went up 14.7% to an eight-week high of £70.3/MWh, supported by falling levels of wind generation, projections of colder weather and higher gas prices. This is despite an increase in nuclear capacity supporting supply margins during periods of lower wind generation. Seasonal power contracts increased 2.5% on average. Summer and winter 19 went up 4.7% and 3.0% to £58.2/MWh and £63.7/MWh respectively. All gas contracts rose this week. Day-ahead gas gained 11.4% to end the week at an eight-week high of 70.0p/th. Prices were supported by falling temperature forecasts and an unplanned outage at Kollsnes gas terminal, despite the gas system being oversupplied across the week amid high LNG send-out. The weekly average Brent crude oil price fell for a sixth week, dropping 5.8% to average $67.9/bl. Oil prices dropped to a six-month low of $64.8/bl on 13 November, as recent concerns of a tight market have turned to worries of oversupply in 2019. API 2 coal prices dropped 2.8% to average $87.5/t, and hit a 16-week low of $86.0/t on 15 November as Chinese demand continues to drop. EU ETS carbon prices went up 7.9% to average €19.6/t. Prices broke €20.0/t at the start of the week, with support from reduced EUA auction volumes following the postponement of German auctions until Q119.
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 snapshot
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