|Gas prices decreased during Friday’s session, rounding off an overall bearish week on energy markets. Precautions taken to stop the spread of the Coronavirus impacted economies across the world, although the Pound strengthened slightly, lowering import costs from Europe.
|Power prices followed their gas counterparts and moved down on Friday, with another downturn in carbon also a contributing factor. An expected rise in wind and solar levels for the start of this week also weighed on the prompt.
|The UK gas system has opened 30mcm long this morning, weighing on the prompt and the rest of the near curve. A rise in renewable availability has softened demand but these levels are expected to drop as the week progresses and cooler temperatures have been forecast, offering some resistance.
|Power prices continue to find direction from weaker carbon, coal, gas and oil markets, with a healthy supply picture providing additional bearish pressure. However, longer dated contracts are more stable due to optimism of a return to normality on financial markets.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices continue to slump despite the stimulus provided by the ECB last week. The US has refused to impose any production cuts and the current ‘oil price war’ is expected to drag on.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 28.00ppt and £34.73/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.