Wholesale power and gas contracts experienced mixed movements. Both day-ahead power and gas were down, falling 4.3% and 5.1% to £39.3/MWh and 27.8p/th respectively. The contracts were supported by periods of higher wind generation and comfortable gas supplies. The scheduled arrival of two LNG tankers from Qatar early in September has also pressured prices, with supplies expected to remain comfortable despite maintenance reducing gas flows from Norway throughout the month. On average, seasonal gas and power contracts moved lower, down 0.6% and 0.1% respectively. Although the winter 19 contract for both power and gas were higher week-on-week, winter 19 power hit a 15-month low of £51.5/MWh on 27 August and winter 19 gas hit a two-year low of 45.9p/th on 28 August. Brent crude oil was up 0.4% to average $60.2/bl, supported by news of another weekly decline in the amount of oil held in US inventories. API 2 coal prices fell further, down 0.6% to average $63.6/t. Coal prices dropped to $63.1/t on 28 August, the lowest since 19 June. Demand for coal in Europe will remain weak in September as cheaper gas continues to drive coal out of the generation mix. EU ETS carbon prices averaged €26.0/t, down 1.2% from the previous week. Carbon prices ended the week at €26.8/t, a 10-day high. Prices found support from halved auction volumes in August, while an optimistic outlook for US-China trade talks resuming provided.
Baseload electricity | ||
|
| |
Forward curve comparison | Annual October Contract | |
Peak electricity | ||
|
| |
Forward curve comparison | Annual October contract | |
Seasonal power prices | ||
Seasonal baseload power contracts | Seasonal baseload power curve | |
|
| |
Commodity price movements | ||
Oil and Coal | Carbon | |
|
| |
Wholesale price snaphot |