Headlines
Most power and gas contracts fell this week on declining demand and above seasonal normal temperatures. Day-ahead gas fell 5.4% to 24.60p/th despite a general undersupplied system this week on lowered LNG send-out. Day-ahead power fell 15.8% to £30.75/MWh, despite rising to above £37.00/MWh midweek, with highly fluctuating wind generation the driver behind such changes. April 20 gas was down 7.1% at 22.98p/th, and May 20 gas decreased 9.2% to 22.28p/th. All seasonal gas contracts declined last week, down by 4.1% on average, while both summer 20 and winter 20 gas dropped 7.7% and 4.2% respectively, subsiding to 23.14p/th and 34.26p/th. All seasonal power contracts declined this week, down on average by 6.9%, as summer 20 power decreased 10.6% to £31.36/MWh, while winter 20 fell 7.6% to £40.25/MWh. Brent crude oil fell 17.9% to average $29.17/bl as oil prices dropped to their lowest levels seen for 17 years of $26.33/bl on 19 March as the price dispute between Russia and Saudi Arabia continues. EU ETS carbon slipped by 24.4% to €17.53/t as demand for allowances dropped due amid the coronavirus outbreak. API 2 coal climbed by 0.3% to $55.67/t as demand in China begins to rise again.
| Baseload electricity | | |
- Day-ahead power fell 15.8% to £30.75/MWh, following forecasts of a significant rise in wind generation next week.
- April 20 power slipped 8.2% at £32.00/MWh and May 20 power decreased 9.6% to £31.65/MWh.
| | - Q220 power moved 11.2% lower to £31.10/MWh.
- The Annual April 20 contract lost 8.9% to £35.81/MWh, 26.5% lower than the same time last year (£48.73/MWh).
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Forward curve comparison 
| | Annual October Contract 
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| Peak electricity | | |
- Day-ahead peak power was also down 12.6% to £33.50/MWh.
- April 20 peak power Declined 7.7% at £33.81/MWh, and May 20 peak power decreased 9.0% to £34.20/MWh.
| | - The Annual April 20 peak power lost 7.4% to 40.84/MWh.
- This is 25.5% lower than the same time last year (54.82/MWh).
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Forward curve comparison 
| | Annual October contract 
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| Seasonal power prices | | |
Seasonal baseload power contracts 
| | Seasonal baseload power curve 
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- All seasonal power contracts declined last week, down on average by 6.9%.
- Summer 20 power decreased 10.6% to £31.36/MWh, while winter 20 fell 7.6% to £40.25/MWh.
| | - All seasonal peak power contracts declined this week, down £6.2% on average.
- Summer 20 and winter 20 peak power dropped 8.4% and 6.6% respectively, falling to £35.04/MWh and £46.63/MWh.
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| Commodity price movements | | |
Oil and Coal 
| | Carbon 
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- Brent crude oil fell 17.9% to average $29.17/bl as oil prices dropped to their lowest levels seen for 17 years of $26.33/bl on 19 March.
- Prices then rose above $30/bl on 20 March as the stock markets saw some late week gains.
- Refusing to back down from their position in the face of spreading pandemic and increase global emergency, Saudi Arabia continue to flood the market with oil supply.
- This move has caused devastation for many oil companies, resulting in pleas by US shale producers to limit domestic output in the effort to limit further price losses.
| | - API 2 coal opposed oil and rose, inching up 0.3% to average $55.67/t as demand in China begins to rise.
- This comes amid reports that the US coal mining industry has been pressing for financial stimulus in the market to support falling demand.
- EU ETS carbon prices crashed last week, falling 24.4% to €17.53/t, hitting a 16-month low of €15.56/t on 18 March as demand faltered.
An EEX auction was cancelled on 18 March on reflection of poor EUA auction volumes. |
Wholesale price snapshot
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