Headlines
Wholesale gas and power prices were relatively mixed throughout the week, with gains across day-ahead markets and further out on the forward curve too. However, front month contracts across gas and power recorded losses, somewhat indicative of the on-going wholesale price volatility in recent weeks. Day-ahead gas rose 18.4% to 116.00p/th, buoyed by an undersupplied system as new outages at Langeled curtail Norwegian flows. Day-ahead power grew 18.5% to £160.00/MWh, mirroring trends set from its gas counterpart contract. Elsewhere, June 22 gas was down 12.0% at 139.56p/th, and July 22 gas decreased 8.5% to 161.45p/th. Most seasonal gas contracts increased this week though, up by 6.7% on average, with summer 23 gas rising 3.6% to 171.05p/th and winter 24 up 23.3% to average 138.15p/th. Like gas, the majority of seasonal power contracts saw gains, up on average by 2.6%, as winter with summer 23 lifted 0.9% to £163.00/MWh and winter 23 up 7.6% to average £185.00/MWh. In terms of international commodity markets, Brent crude prices lifted 2.8% to average $115.02/bl, whereas carbon markets registered losses, UK ETS lost 3.1% to average £81.18/t, while the EU ETS dropped 5.8% to average €81.87/t over the week.
| Baseload electricity | | |
- Day-ahead power rose 18.5% to £160.00/MWh, following gains made from its gas counterpart contract.
- June 22 power slipped 7.2% at £154.25/MWh and July 22 power decreased 3.3% to £175/MWh.
| | - Q322 power moved 6.7% lower to £190.87/MWh.
- The annual October 22 contract rose 0.3% to £199.25/MWh, 226.1% higher than the same time last year (£61.1/MWh).
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Forward Curve Comparison
 | | Annual April Contract 
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| Peak electricity | | |
- Day-ahead peak power was up 20.7% to £175.00/MWh, following baseload power higher.
- June 22 peak power declined 15.7% at £168.25/MWh, and July 22 peak power decreased 5.9% to £188.15/MWh.
| | - The annual October 22 peak power contract rose 0.8% to £247.08/MWh
- This is 251.6% higher than the same time last year (70.28/MWh).
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Forward curve comparison 
| | Annual April contract 
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| Seasonal power prices | | |
Seasonal baseload power contracts
| | Seasonal baseload power curve 
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- Most seasonal power contracts boosted this week, up on average by 2.6%.
- Winter 22 power decreased 0.1% to £235.50/MWh, while summer 23 expanded 0.9% to £163.00/MWh.
| | - Most seasonal peak power contracts boosted this week, up 16.2% on average.
- Winter 22 and summer 23 peak power increased 0.9% and 0.8% respectively, rising to £303.60/MWh and £190.55/MWh.
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| Commodity price movements | | |
Oil and Coal 
| | Carbon
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- Brent crude oil prices lifted 2.8% this week to average $115.02/bl.
- Mixed fundamentals continue to impact the oil market, with bullish price drivers more significant this week. Ongoing COVID-19 lockdowns in China continues to suppress Chinese economic output and weigh on the demand outlook, albeit some of the strictess measures are beginning to ease.
- However, the prospect of an EU-wide embargo on Russian oil outweighed demand concerns this week. The deal is thought to include carve-outs for member states most reliant on Russian oil, such as Hungary. Similarly, the back-drop of a globally tightened brent crude market continues to provide a strong foundation of on-going price support.
| | - Carbon markets saw bearish movements across both the EU and UK ETS markets. The UK ETS lost 3.1% to average £81.18/t, while the EU ETS dropped 5.8% to average €81.87/t over the week.
- Both the UK and EU ETS carbon markets remain sensitive to change, with shakers in the wider European energy landscape from Russian gas supply causing a ripple effect into carbon markets.
- In a latest example, the European Commission has proposed to sell allowances worth €20bn from the Market Stability Reserve with the aim to release resources to flexibly fund the path to end Europe’s dependency on Russian gas.
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Wholesale price snapshot 
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