Nearly all wholesale power and gas contracts fell week-on-week. Whilst day-ahead power was unchanged at £48.0/MWh, day-ahead gas dropped to fresh 17-month lows as comfortable gas supplies and mild temperatures continued in early March. Gas prices were further pressured by a slip in Brent crude oil prices. Nearly all near-term baseload power contracts fell week-on-week, although day-ahead power was an exception, remaining at £48.0/MWh. Most seasonal power contracts reversed the previous week’s gains, dropping 0.2% on average. Whilst the summer and winter 19 contracts fell to £48.2/MWh and £58.0/MWh, respectively, summer and winter 20 power both rose from the previous week, up 0.2% and 0.5% to £48.6/MWh and £55.4/MWh, respectively. Near-term gas prices have continued to be pressured by comfortable gas supplies amid the arrival of several LNG tankers, above seasonal normal temperatures, and strong supplies from the UKCS and Norway. Day-ahead gas dropped 3.3% to end the week at 42.8p/th, with the contract dropping to a fresh 17-month low of 42.6p/th on 7 March. Seasonal gas contracts decreased 2.3% on average. Brent crude oil fell for a second consecutive week, slipping 0.4% to average $65.8/bl. Oil prices continue to fluctuate in response to OPEC+ production cuts creating a tighter market, and rising US crude production which is easing the impact of OPEC’s cuts. API 2 coal prices fell for the first time in three weeks, down 1.0% to average $78.7/t. EU ETS carbon prices rose 12.5% to average €22.8/t.
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 |