Energy Wholesale Market Review, 6 March 2020
Headlines
Most power and gas contracts rose this week, with day-ahead power as the only exception. Day-ahead gas rose 1.7% to 24.40p/th following an increase gas demand. Day-ahead power fell 5.4% to £33.25/MWh despite reaching £43/MWh midweek as significant fluctuations in wind generation saw prices rise and fall this week. April 20 gas was up 5.1% at 22.19p/th, and May 20 gas increased 1.6% to 22.19p/th. All seasonal gas contracts boosted this week, up by 4.2% on average, while summer 20 and winter 20 gas increased 4.0% and 3.6% to 22.88p/th and 35.63p/th, respectively. All seasonal power contracts lifted this week, up on average by 2.5%, as summer 20 and winter 20 gained 2.1% and 2.5% to £33.45/MWh and £43.22/MWh, respectively. Brent crude oil fell 5.1% to $51.20/bl as the spread of the coronavirus on a global scale continues to impact stock and commodity markets. There were hopes that prices could lift on news of the outcome of the meeting of OPEC and OPEC+ allies in Vienna this week, although it appears that no agreement will be reached on deepening production cuts. API 2 coal saw marginal gains this week, rising 0.6% to average $57.40/t as lower stocks were reported at ARA terminals. EU ETS carbon prices followed oil and lost 1.3% to average €23.74/t this week, following lower demand for allowances in this week’s EU-wide auctions.
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Forward curve comparison
| Annual October Contract
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| Peak electricity | ||
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Forward curve comparison
| Annual October contract
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| 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
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