|Although the UK gas system was more balanced yesterday, European gas prices continued to increase on the back of bullish coal prices. Ongoing outages with Norwegian and Russian gas imports continued to be supportive for European spot prices.
|With slightly more wind and nuclear power, spot prices were seen a little lower. Further out, power prices rose to new highs with a strong increase in coal prices.
|Coal prices are expected to continue to support the European gas markets today. A short UK system, along with other factors should continue to be supportive for the prompt.
|Forward power contracts looking bullish today. EUA prices likely to renew with the bullish trend. Coal prices could go up in the short term after setting new highs. All in all, Cal 19 power prices are expected to remain strong.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent trading at $77.2/b, it clearly looks settled now above the $75/b level, holding the $80/b in sight.
1-year forward prices
Market close data revealed that the 1-year forward price for both commercial gas and commercial electricity increased – closing at 69.63ppt and £66.20/MWh.
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Today’s prices can also be found in an easy to read table on our ‘current UK energy price' page.
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