UK Energy Pricing Trends - 4 Dec. 2020


U.K. power benchmarks pushed higher for a second consecutive week amid wider market bullishness, driven by the approval of Pfizer’s vaccine for a U.K. rollout and growing optimism of a EU-U.K. trade deal. Moreover, colder weather, and the ending of nationwide lockdown measures, saw physical power demand climb 5% week-on-week.

Natural Gas

An increase in local offtake for heating, amid a drop in temperatures, lifted NBP benchmarks higher week-onweek. However, gains were limited, particularly further out on the curve, as strong gas supplies partially offset elevated local demand. Norwegian flows into the U.K. averaged 111 million cubic meters per day (mcm/d) last week - around a third of Britain’s total gas demand – while LNG sendout into the grid reached its highest since April.

Energy Complex

Carbon permits, in the longest winning streak since 2019, topped €30/tonne for a second time this month. The postponement of primary auctions until at least February next year, married with the prospect of an undersupplied market in 2021, lifted pricing to near record highs last week.

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