|Gas contracts climbed higher on Friday with support coming from the overall bullish trend on energy markets, with rising carbon the main driver of prices. Oil was the exception to the upward movement but failed to have much impact.
|Power prices displayed gains at the end of last week with direction coming from a stronger carbon market. Weaker wind levels were also forecast for the start of the week which offered support to the prompt, although temperatures are set to rise later in the month.
|The UK gas system has opened long this morning, however, prices have been pushed higher by a stronger demand forecast and rising power prices. Oil displays a loss but coal and carbon continue to increase, resulting in gains further along the curve.
|Mild temperatures are expected to return later in the week, while renewable generation levels should be around the average for this time of year. Despite this, prompt power prices display gains as a cold start to January is expected, while the far-curve has followed bullish carbon and coal.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have moved down with little change to fundamentals and global politics over the weekend. The impact of planned OPEC cuts is still uncertain, while there are some concerns regarding Chinese and European economies.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity climbed higher – closing at 63.40ppt and £62.66/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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