The majority of wholesale power and gas contracts were lower week-on-week, supported by the end of maintenance at gas fields in the UKCS and Norway, whilst higher wind generation towards the end of the week pressured power prices. Day-ahead power was down 3.9% to end the week at £41.1/MWh, while day-ahead gas dropped 8.2% to end the week at 28.0p/th. However, September and October 19 power contracts followed their gas counterparts up, rising 1.3% and 1.2% to £44.7/MWh and £47.2/MWh, respectively. September and October 19 gas contracts both moved higher, rising 4.8% and 4.2% to 33.5p/th and 37.9p/th, respectively. September 19 gas declined following news of a planned outage at the Easington terminal between 10-24 September, which will reduce availability by 71.2mcm/d. On average, seasonal baseload power and seasonal gas contracts were down 1.5% and 1.8% respectively. Wholesale prices were also pressured by a decline in commodity prices, with Brent crude oil, EU ETS carbon and API 2 coal all down from the previous week. Brent crude oil fell 7.6% to average $59.0/bl. Within-day oil prices dropped to their lowest level since January 2019 this week, falling to $55.9/bl on 7 August. API 2 coal prices fell further, down 3.1% to average $66.0/t. Coal prices dropped to a one-month low of $65.3/t on 8 August. EU ETS carbon prices averaged €28.5/t this week, down 0.7% from the previous week.
Baseload electricity | ||
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Forward curve comparison | Annual October Contract | |
Peak electricity | ||
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Forward curve comparison | Annual October contract | |
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 snaphot |