All wholesale power and gas contracts fell this week. Prices have been pressured towards the end of the week by forecasts of warmer temperatures over the weekend, falling commodity prices and a well-supplied gas system. All baseload power contracts fell, with day-ahead power down 7.5% to end the week at £59.5/MWh, weighed on by falling gas and commodity prices. Seasonal power contracts were down 2.4% on average. All gas contracts fell as temperatures lifted towards the end of the week and the gas system was well supplied with an increase in LNG imports. Day-ahead gas decreased 7.7% to 57.7p/th, although forecasts of below seasonal temperatures from 28 January could lift prices this week. Seasonal gas contracts slid 5.6% on average. Summer 19 gas fell 9.2% to a seven-month low of 50.2p/th. Brent crude oil prices were up 1.8% to average $61.7/bl. Prices dropped in the middle of the week following reports that US crude stocks rose to 445mn barrels. However, Brent crude prices recovered after the US threatened to impose sanctions on crude exports from Venezuela. API 2 coal prices rose 1.7% to average $86.0/t. Coal prices dipped towards the end of the week to $85.7/t as an uptick in temperatures in continental Europe lowered demand. EU ETS carbon prices were up 5.7% to average €24.5/t. Carbon prices found support last week as below seasonal normal temperatures across Europe pushed up power demand and led to an increase in conventional power generation amid period of low wind generation.
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 |