|Gas prices stabilised across the curve on Thursday as trading on commodity markets was flat. The Day-Ahead contract was one of the few contracts to show a significant change, moving sharply down due to a surge in wind generation.
|Power prices mirrored their gas counterparts and displayed very little movement, with the exception of the prompt which was pressured down by a strong wind generation outlook.
|Gas markets are bearish this morning, helped by an oversupplied system, as demand for gas-fired power is very low due to strong wind levels. Meanwhile, coal & oil prices are down and carbon is flat, weighing on the curve further.
|Power prices have opened lower thanks to strong wind levels, normal temperatures, and weaker gas. Wind generation is expected to maintain high levels over the weekend, while commodities offer little support.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have dropped back below $45/b as fundamentals are unchanged. In terms of outlook, the US has announced its intention to place fresh sanctions on Iran due to its failure to meet requirements under the current nuclear deal; however, the new sanctions will not receive backing from the UK, France and Germany.
1-year forward prices
Market close data has revealed that the 1-year forward price for commercial gas & commercial electricity decreased, closing at 33,35ppt and £44.23/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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