|Maintenance at Kollsnes is scheduled to begin today which will reduce Norwegian flows by 20mcm, with a further decrease expected next week. Another Norwegian facility will also be undergoing maintenance over the same time period and this helped gas prices climb higher on Thursday, with bullish oil also a factor.
|Power prices strengthened yesterday with rising coal and gas dictating movement across the curve. A weaker supply outlook for gas provided support at the front of the curve, although improved wind levels limited upward movement on the prompt.
|The system has opened long this morning despite a drop in Norwegian supply and a rise in exports, as demand levels have decreased. However, prices continue to take direction from planned maintenance and prices at the front of the curve display gains. Meanwhile, stronger carbon has offered support to the back of the curve, as the oil market has stabilised.
|Gas, coal and carbon markets remain slightly bullish this morning, helping towards further gains on the power curve. Wind levels are expected to remain healthy in the short term, providing resistance on the prompt, while temperatures are forecast to be around the seasonal norm.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices increased yesterday and trade above $71.4/b this morning with the US/ China trade war and contrasting global oil output acting as the main market drivers currently.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 62.20ppt and £60.38/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
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