UK power demand remained below the long-run average for the time of year last week, spot pricing remained largely flat. Pipeline maintenance continues to squeeze Europe’s gas supplies at a time when LNG is scarce. European coal prices continued their bullish trend.
United Kingdom
Market movements were largely mixed last week as elevated carbon prices, low storage levels, capped gas flows and higher front-month coal prices opposed the bearish pressure of demand reduction from warmer temperatures.
United Kingdom
Spot power prices increased last week amid a 40% week-on-week drop in UK wind turbine productivity. Despite a drop in renewable generation output and ongoing maintenance at Norwegian gas fields, gas prices pulled back 7% last week. Global coal prices were lifted higher last week as news broke regarding the halting of operations at a key Colombian mining facility.
United Kingdom
UK power prices moved substantially lower last week, both at the short and long end of the price curve. Last week saw the first drop in EUA prices since late March, and the largest drop since January. Caught up in the inflation debate was Brent, which fell amid the risk-off mood which characterised financial markets.
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A sharp drop in wind-generated power, in addition to reduced nuclear output lifted UK day-ahead prices significantly higher last week. Heating demand fell ~30% last week as average temps rose sharply across the UK. The European carbon benchmark pushed 12% higher week-on-week amid soaring gas prices and substantial speculative interest.
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The U.K. spot market saw mild relief last week with more seasonal temperatures and a near doubling of wind power. Further declines in Britain’s gas storage continued driving higher U.K. gas prices. The release of more promising economic data added fuel to the bullish energy complex market narrative last week.
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