Headlines
Most power and gas contracts rose this week, with a few seasonal contracts and day-ahead power being exceptions. Day ahead gas rose 8.8% to 42.0p/th as lower LNG send-out saw the gas market undersupplied towards the end of the week. Day ahead power dropped 14.2% to average £45.5/MWh as wind generation surged midweek. December 19 gas was up 3.6% at 42.1p/th, and January 20 gas increased 1.7% to 44.3p/th. All seasonal contracts boosted last week, up by 1.7% on average, while both summer 20 and sinter 20 gas increased 2.4% and 1.3% respectively, lifting to 39.6p/th and 49.4p/th. Most seasonal power contracts increased last week up by 1.5%. Summer 20 and winter 20 power contracts climbed 2.5% and 1.5% respectively, rising to £45.4/MWh and £52.5/MWh. Brent crude oil inched up 0.6% to average $62.2/bl with prices changing on varying on mixed reports of US crude inventory levels. EU ETS carbon fell by 2.5% to €23.8/t as price changes and activity was minimal again this week as the EU parliament will vote on whether to declare a climate emergency. API 2 coal prices reversed last week’s gains, rising 0.8% to $63.7/t.
Baseload electricity | | |
- Day-ahead peak power fell 22.8% to £50.0/MWh, with high wind generation midweek.
- December 19 power climbed 1.4% at £47.5/MWh and January 20 power increased 1.2% to £50.4/MWh.
| | - Q120 power moved 1.0% higher to £49.8/MWh.
- The Annual April 20 contract rose 2.0% to £49.0/MWh, 10.2% lower than the same time last year (£54.48/MWh).
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Forward curve comparison | | Annual October Contract |
Peak electricity | | |
- Day-ahead peak power fell 22.8% to £50.0/MWh, reflecting the drop in baseload power prices.
- December 19 peak power was up 1.7% at £53.8/MWh, and January 20 peak power climbed 1.2% to £57.5/MWh.
| | - The Annual April 20 peak power gained 1.7% to 54.3/MWh.
- This is 11.7% lower than the same time this year (61.5/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 increased this week, up 1.5%.
- Summer 20 and winter 20 power lifted 2.5% and 1.5% respectively, rising to £45.4/MWh and £52.5/MWh.
| | - Seasonal peak power contracts raised by 1.4% on average.
- Summer 20 and winter 20 peak power gained 2.4% and 1.1% respectively, rising to £49.3/MWh and £59.4/MWh.
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Commodity price movements | | |
Oil and Coal | | Carbon
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- Brent crude oil inched up 0.6% to average $62.2/bl this week.
- Prices are currently 2.8% lower than at the same time this year.
- Reports of high build of US crude inventory levels early in the week initially weighed on prices, though they recovered on later reports that stocks increased less than originally reported.
- API 2 coal prices reversed last week’s gains, rising 0.8% to $63.7/t.
| | - EU ETS carbon fell by 2.5% to average €23.8/t.
- Price changes and activity was minimal again this week.
- The EU parliament will vote this week on whether to declare a climate emergency.
- If voted for, it will pressure the European Commission to act with more urgency on carbon emissions.
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Wholesale price snaphot |