Nearly all wholesale gas and power contracts fell this week, with day-ahead power the only exception amid forecasts of lower wind generation next week. Wholesale prices have continued to be pressured by milder temperatures, lower demand and comfortable gas supplies, despite three-month high Brent crude oil prices. However, day-ahead power rose 1.2% to end the week at £49.1/MWh, amid forecasts of lower wind generation. The contract hit a fresh eight-month low of £48.1/MWh on 19 February as wind generation was forecast higher the following day. Seasonal power contracts decreased 1.5% on average from the previous week and were an average of 7.4% lower than the same time last month. All gas contracts continued lower this week. The gas system remained comfortably supplied, with the arrival of LNG tankers, milder temperatures, and strong supplies from Norway despite an outage at Aasta Hansteen gas field. Day-ahead gas dropped 4.4% to end the week at a fresh 17-month low of 44.8p/th. This is the lowest since 23 October 2017 and 28.3p/th below the same time last year. Brent crude oil rose for the third consecutive week, up 5.2% to average $66.7/bl. Within-day oil prices rose above $67.5/bl on 22 February, the highest since 16 November 2018. EU ETS carbon prices fell 5.1% to average €19.9/t. Within-day carbon prices fell below €18.5/t on 22 Friday, a fresh three-month low. API 2 coal prices started to reverse recent declines, up 2.6% to average $78.0/t.
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 |