This week has seen mixed price movements, with prices leaning towards bearish. Day-ahead gas fell 3.3% to 59.00p/th, afflicted by periods of warmer weather, particularly at the week’s start. Day-ahead power fell 28.5% to £71.5/MWh, with increased wind generation experienced for large parts of the week, coupled with reduced demand in parallel and the new IFA2 1GW interconnector coming online. February 21 gas was down 8.5% at 54.84p/th, and March 21 gas decreased 16.1% to 47.52p/th. Most seasonal gas contracts declined last week, down by 0.9% on average, while summer 21 and winter 21 gas dropped 1.4% and 1.1% respectively, to 43.57p/th and 51.67p/th. Most seasonal power contracts declined this week, down on average by 0.4%, as summer 21 power decreased 0.9% to £52.50/MWh and winter 21 fell 0.6% to £58.65/MWh. Brent crude oil marginally reversed last week’s decline, lifting 0.8% to $55.93/bl this week. Despite prices rising, the general sentiment in the market remains cautious. Global lockdowns across many major economies continues, with little sign of easing in the coming weeks. Vaccination roll-out continues to provide some assurance to markets, providing support to prices. EU ETS carbon rose 1.6% to average €33.48/t. Like other commodity markets, news of high global case numbers of COVID-19 continues to act bearishly on the carbon price. On 29 January, the return of EUA auctions acted to push prices lower with increased supply volumes.
Baseload electricity | ||
|
| |
Forward curve comparison | Annual April Contract | |
Peak electricity | ||
|
| |
Forward curve comparison
| Annual April contract
| |
Seasonal power prices | ||
Seasonal baseload power contracts | Seasonal baseload power curve | |
|
| |
Commodity price movements | ||
Oil and Coal | Carbon | |
|
| |
Wholesale price snapshot |