This week, the majority of wholesale power and gas prices fell, following Brent crude oil and API 2 coal prices lower. Prompt wholesale power and gas contracts were pressured by revised temperature forecasts, which are higher than previously expected for the rest of 2018. Most baseload power contracts fell this week. The day-ahead contract slid 4.6% to £67.0/MWh. Wind generation is forecast to reach 10.0GW on 28 November, with the return of Heysham 2 nuclear plant on 24 November offering further supply security. Day-ahead gas dropped 3.9% to end the week at 67.3p/th. Prices were pressured by milder temperature forecasts and the gas system being oversupplied across the week amid high LNG send-out. The weekly average Brent crude oil price fell for a seventh consecutive week, down 5.3% to average $64.3/bl. Oil prices plummeted to $58.9/bl during the day on 23 November. This followed news earlier in the week that US crude stocks rose for a ninth consecutive week to their highest level since December 2017. API 2 coal prices dropped 4.6% to average $83.7/t, down from $87.8/t the previous week. Prices fell to $83.0/t on 21 November, the lowest since April as Chinese demand for the commodity continues to fall following the country’s decision to stop seaborne thermal coal imports until 2019. EU ETS carbon prices continued to recover, experiencing a third consecutively weekly rise. Prices were up 1.3% to average €19.9/t and ended the week above €21.0/t for the first time in seven weeks.
Baseload electricity | ||
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Forward curve comparison
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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
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