The majority of wholesale power and gas contracts rose week-on-week, with summer 20 power and gas contracts the exception. Prices have risen despite a 5.6% decrease in Brent crude oil from the previous week, and have found support from surging EU ETS carbon prices, up 14.0%, and weaker wind generation. Day-ahead power rose 2.2% to end the week at £65.5/MWh. Forecasts of falling wind generation in the coming weeks have supported day-ahead power prices. January 19 power also went up by 2.2%, ending this week at £68.9/MWh. Most seasonal baseload power contracts increased week-on-week, up 0.6% on average. Most gas contracts increased this week, with near-term contracts supported by an undersupplied gas system with the recent high LNG send-out slipping. Week-on-week day-ahead gas gained 0.7% to 66.9p/th. This is 0.7% below the same time last month when it was 67.3p/th. Seasonal gas contracts lost 0.2% on average. API 2 coal prices gained 0.8% to average $88.9/t. Brent crude oil prices dropped 5.6% to average $57.2/bl last week. Within-day prices fell below $52.9/bl on 21 December, the lowest since September 2017, as concern of an oversupplied market continues to grow. EU ETS carbon prices surged 14.0% to average €24.3/t. Within-day carbon prices rose to €25.0/t on 19 December, a fresh three-month high, with the upcoming Market Stability Reserve (MSR) starting in January 2019 reducing EUA auction volumes.
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 |