|Gas prices displayed strong gains yesterday with an on-going issue at Elgin-Franklin and unplanned outages in Norway restricting flows to the UK. Exports to mainland Europe were also expected to resume today as the IUK pipeline is scheduled to restart. Oil and coal markets also displayed a rebound which transferred to far-curve gas contracts.
|Power prices increased across the curve on Wednesday with support coming from gas, coal and carbon markets, which in turn, were pushed higher by a rise in oil. In terms of supply, wind generation remained weak, lifting CCGT demand which helped the prompt add to its price.
|Gas prices are slightly down this morning as the system is oversupplied and oil prices have stabilised. The system is 13.6mcm long despite a slight rise in demand due to lower levels of renewable power. The IUK has also re-opened following maintenance and exports to mainland Europe stand at 34.3mcm.
|Power prices have followed the gas curve and have inched down this morning, while bullish sentiment on fuel markets has also eased. However, weak wind levels and a drop in solar power has resulted in gains on the prompt.
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices have climbed back to $77/b as sentiment on the oil market remains bullish due to supply disruptions in Canada, Venezuela & Libya, a healthy demand forecast and a supportive EIA report.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 57.33ppt and £55.81/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.