Today the UK #energy #market continues to be shaped by dynamic fluctuations in #electricity and #gas prices, driven by both domestic factors and broader global energy trends. Electricity Prices: The UK's electricity market has seen varied movements in pricing across different contracts. The UK Day-Ahead (DA) Base price for electricity settled at £80.64 per megawatt-hour (MWh) on August 13, 2024, reflecting a slight increase compared to previous settlements. This trend is consistent with a broader rise across spot and forward contracts, indicating potential upward pressure on prices as we approach the winter months. Gas Prices: Natural gas prices in the UK have shown a similar pattern of slight declines and increases across various contracts. The National Balancing Point (NBP) Day-Ahead price for gas stood at 84.00 pence per therm on August 13, 2024, slightly down from the previous day. However, forward contracts for the upcoming winter months remain higher, with November 2024 gas prices at 109.25 pence per therm. This reflects ongoing concerns about supply constraints and the need for storage filling ahead of the colder season. Market Influences: Several factors have influenced these price movements. The UK's electricity prices are partially affected by the availability of imports from Norway and the operational status of domestic facilities, including scheduled maintenance outages. Additionally, the ongoing conflict in Ukraine has continued to cast uncertainty over gas flows from Russia, which has a ripple effect across European gas markets. Looking Ahead: As we move towards the winter of 2024-2025, market participants are keeping a close eye on storage levels and import capacities, which will play critical roles in determining the trajectory of energy prices. The European Commission's target of achieving a 90% fill rate for gas storage by November 1, 2024, adds an additional layer of strategic importance to these developments. In summary, while electricity prices in the UK have experienced moderate gains, gas prices continue to fluctuate with an overall upward trend for the winter months. Stakeholders in the energy market should remain vigilant to these developments as they plan for the rest of the year.
Chris Hurcombe’s Post
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#EUAllowances exceed €70/tCO2e thanks to rising natural gas prices, while UKAs continue to fall due to bearish fundamentals. L’article Carbon prices in Europe reach €70/tCO2e, driven by gas est apparu en premier sur energynews.
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URGENT! Gas rush could hike UK energy bills and inflation. Experts have warned that a potential dash for gas in the UK this winter may lead to increased energy bills and inflation. Click the link below for more information. #energybills #energycosts #energyprices #energyconsumption #energydemand #energysector #energymarket #inflation #costoflivingcrisis https://lnkd.in/eYQ6TBbf
Gas rush could hike UK energy bills and inflation - Energy Live News
https://www.energylivenews.com
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Gas rush could hike UK energy bills and inflation. Experts have warned that a potential dash for gas in the UK this winter may lead to increased energy bills and inflation. LCP Delta #energybills #energycosts #energyprices #energyconsumption #energydemand #energysector #energymarket #inflation #costoflivingcrisis
Gas rush could hike UK energy bills and inflation - Energy Live News
https://www.energylivenews.com
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UK #Energy #Market Report - 9th September 2024: The UK energy market saw an uptick in both gas and power prices as cooler weather pushed demand higher. The NBP Day-Ahead price settled at 87.50 p/therm, reflecting a slight increase from the previous session. The UK system opened balanced this morning, with demand rising due to colder temperatures across the country. According to the latest EC46 forecast, temperatures are set to remain several degrees below seasonal norms throughout the week, before picking up slightly towards the weekend. Despite increased demand, wind generation has been performing well, alleviating some of the pressure on gas for power generation. Total gas export nominations from Norway have dipped slightly, from 192mcm/day to 185mcm/day, but the UK remains well supplied, with four LNG cargoes expected to arrive this week. One of these shipments docked at Isle of Grain today, underscoring the importance of LNG imports in balancing the UK’s gas needs. On the power side, UK Day-Ahead Baseload prices rose significantly, settling at £83.33/MWh, up £10 from the previous day. Peak prices also climbed to £85.03/MWh. The cooler weather has increased heating demand, while intermittent renewable generation continues to play a crucial role. Over the past two weeks, the UK's power mix has been dominated by gas-fired plants, supported by steady contributions from nuclear and renewables. Carbon prices saw a modest rise, with EU Allowances for December 2024 trading at €66.50/tonne. Meanwhile, UK ETS prices decreased slightly to £41.75/tonne. In the broader energy landscape, Brent crude prices fell to $71.06/bbl, reflecting ongoing volatility in global oil markets. As the week unfolds, cooler temperatures and fluctuating supply from Europe will continue to drive price movements. With increased LNG arrivals and strong renewable performance, the UK’s energy market is positioned to meet the rising demand while maintaining balanced system conditions. Keep an eye on weather developments and LNG shipments, as they will be key drivers for both gas and power markets in the coming days.
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What's in store for the energy sector over the next 6 - 12 months is uncertain, but most analysts are expecting wholesale energy prices to rise, but the E.U and UK's storage of gas ahead of this winter is on track to be 100%. This morning's market update points out the following:- UK energy prices remain exposed to geopolitical concerns. The wholesale gas market remains highly sensitive to global events that could disrupt supply. Ongoing geopolitical tensions and a reliance on imported gas exposes the UK to medium term uncertainty. A report from Cornwall Insight states that “While prices have stabilised somewhat compared to the previous two years, the market has not fully recovered from the energy crisis and the impact of Russia’s invasion of Ukraine”. The escalating conflict between Russia and Ukraine close to a key gas transit pipeline and mounting tensions in the Middle East, have seen gas and electricity wholesale prices had rebounded sharply from their 30-month lows seen in February. The UK and EU have made concerted efforts to improve storage fundamentals, with storage currently on track to full ahead of Winter-24, limiting further upside, though ongoing tightness will remain supportive along the curve. Securing a new energy contract now, if you have 12 months or less to run on your current agreement, would be commercially sensible, as whilst you may have to absorb an increase from your current costs, you will protect yourself/business from potentially larger increases in 2025. The 2buy2 energy team can help you navigate these potential increases, and place you into the product that is right for you and your business.
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Energy Prices Rise
High gas and electricity prices likely to be the new normal, analyst says
bbc.com
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Thursday's Energy Market Update... Current Market Drivers - UK energy futures are continuing yesterday's bullish trajectory this morning. A strong revision down for temperatures into Feb-25, as well as concerns over European gas storage and weak wind output are the main drivers. The UK carbon benchmark is neutral-bullish after rallying by around 20% since the start of the week. In combination with weak wind output concerns, this is providing bullish signals to UK baseload futures. The day-ahead baseload contract is pointing strongly up this morning as weaker wind output supports gas-fired generation, whilst unseasonable temperatures and gas market tightness maintain high gas-fired premiums. Wind output has been revised down into the middle of Feb-25 for the UK and NWE, adding to concerns from a similar revision to temperatures and highlighting the ongoing risk from the La Nina weather phenomenon. The UK is set to receive its final LNG cargo for Jan-25 tomorrow, bringing the total to 21, and has secured 10 cargoes for Feb-25 delivery. Despite this, tightness in European gas markets is limiting any downside. 2buy2 #Energy #Procurement
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Manufacturers are still being hit with soaring gas and electricity prices, and while the record highs of early 2022 have abated, many businesses are struggling to meet their energy needs, trade body Make UK has announced https://lnkd.in/exENKm5N
One in five UK manufacturers lacks energy strategy
pesmedia.com
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Good news in the Ofgem price cap is set to fall by 7% in July and will help quell inflation figures hopefully setting up a rate reduction in August if not beforehand! Could the cost of living crisis finally be subdued? #energy #gas #electricity #inflation #pricecap https://lnkd.in/eqCRhhVZ
Energy bills are set to fall - but will still cost over £1,500
thisismoney.co.uk
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📈 Market Insights: Late November 2024 Update 📈 As November progresses, energy markets remain volatile, with significant shifts across electricity, gas, and carbon prices. Here’s what you need to know: Electricity Market UK power prices have risen 7% since October, with April '25 Baseload reaching £84/MWh due to: 🔹 Low temperatures 🔹 Weak wind generation (down 50% in early November) 🔹 Outages and supply concerns over potential Russian gas export cuts. German power prices have soared, with short-term hourly values hitting EUR 800/MWh due to reduced wind generation. Gas Market UK gas prices surged by 11% for April '25 Annual and 15% for December '24 delivery amid: 🔹 Increased domestic demand (up 28%) 🔹 Limited LNG inflows 🔹 Concerns over Russian supply interruptions. Carbon Markets UK carbon prices have remained stable, trading around £38/TCO2e, while EU carbon prices climbed 4% to EUR 67/TCO2e. ☎ 0141 226 8525 📲 07562 946 372 📩 Hello@weareboxfish.com #EnergyMarkets #ElectricityPrices #GasPrices #CarbonMarkets #Sustainability #Boxfish
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