Headlines
The majority of gas and power contracts decreased this week. The day-ahead contracts were an exception with day-ahead gas jumping 96.0% to 98.00p/th. Day-ahead gas was supported early in the week by lower levels of LNG send-out and restricted Norwegian supply as a result of maintenance. Month-ahead gas lifted 2.3% to 158.55p/th while the July contract slipped 3.0% to 176.48p/th. Seasonal gas contracts lost 8.9% on average. Winter 22 gas fell 7.0% to 234.70p/th and summer 23 gas dropped 9.8% to 165.05p/th. Day-ahead power gained 50.0% to £135.00/MWh, supported by higher gas prices and forecasts of low wind generation on Monday. June 22 power lost 2.8% to £166.16/MWh and July 22 power declined 4.2% to £181.06/MWh. Seasonal power contracts dropped 4.2% on average. Winter 22 power fell 3.9% to £235.75/MWh while the summer 23 contract lost 5.0% to £161.50/MWh. Brent crude oil climbed 4.7% to average $111.91/bl, driven higher by the prospect of an EU embargo on Russian oil. EU ETS carbon lost 1.5% to average €86.88/t, weighed on by weak auction results and an EU proposal to sell more than 200mn EUAs from the Market Stability Reserve. Meanwhile, UK ETS carbon fell 3.3% to average £83.75/t.
Baseload electricity | | |
- Day-ahead power jumped 50.0% to £135.00/MWh, supported by higher gas prices and forecasts of low wind generation on Monday.
- June 22 power lost 2.8% to £166.16/MWh and July 22 power decreased 4.2% to £181.06/MWh.
| | - Q322 power slipped 1.8% to £204.56/MWh.
- The annual October 22 contract lost 4.3% to £198.63/MWh, but was 220.7% higher than the same time last year (£61.93/MWh).
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Forward Curve Comparison | | Annual April Contract |
Peak electricity | | |
- Day-ahead peak power climbed 31.8% to £145.00/MWh.
- June 22 peak power fell 7.8% to £178.05/MWh, and July 22 peak power dropped 8.6% to £195.00/MWh.
| | - The annual October 22 peak power contract lost 6.9% to £241.63/MWh.
- This is 243.6% higher than the same time last year (£70.33/MWh).
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Forward curve comparison | | Annual April contract |
Seasonal power prices | | |
Seasonal baseload power contracts | | Seasonal baseload power curve |
- Seasonal power contracts dropped 4.2% on average this week.
- Winter 22 power fell 3.9% to £235.75/MWh while the summer 23 contract lost 5.0% to £161.50/MWh.
| | - Seasonal peak power contracts lost 5.0% on average, this week.
- Winter 22 peak power dropped 7.1% to £297.00/MWh and summer 23 peak power fell 6.5% to £232.45/MWh.
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Commodity price movements | | |
Oil and Coal | | Carbon |
- Brent crude oil climbed 4.7% to average $111.91/bl, this week.
- Prices were predominantly driven higher by the prospect of an EU embargo on Russian oil.
- In contrast, concerns over slowing economic growth provided some downward pressure on prices towards the end of the week.
| | - EU ETS carbon lost 1.5% to average €86.88/t, weighed on by weak auction results and an EU proposal to sell more than 200mn EUAs from the Market Stability Reserve.
- In addition, EEX announced that 2022 EUA auction volumes will be reduced by around 3%, citing a previous calculation error.
- Meanwhile, UK ETS carbon fell 3.3% to average £83.75/t.
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Wholesale price snapshot |