|Gas prices decreased during Wednesday’s session following a sell-off on coal, oil and power markets. Norwegian flows into the UK also ramped up due to the end of maintenance which resulted in a long system, while healthy wind levels were forecast for today which will reduce gas-fired power demand.
|Power prices displayed losses yesterday, following weaker gas and carbon markets, with oil and coal also displaying a loss. However, wind levels were expected to ramp up today which helped the prompt close at a discount.
|Gas-fired power demand has fallen sharply as wind generation is strong, with solar availability also improving. This has contributed to losses at the front of the curve, while prices further out have stabilised, with little direction provided by commodity markets.
|A rebound on the carbon market has offered some support to the power curve this morning but the majority of contracts display minimal movement due to stable coal and gas. Meanwhile, wind levels have surged higher as expected, helping to weigh on contracts at the front of the curve.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices decreased strongly on Tuesday but rebounded during yesterday’s session to trade around $59.5/b this morning; an unexpected rise in US crude inventories and the global economic slowdown were the main market drivers.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity recorded a loss – closing at 47.44ppt and £52.33/MWh, respectively.
Today’s prices can also be found in an easy to read table on our ‘current UK energy price' page.
Click graph to enlarge
If you would like to learn more about how Apollo Energy can help your business find the best deal on its gas and energy contracts then feel free to get in touch by calling us on 01257 239500 or using the form on our contact form.