This morning, the Electric wholesale (Day Ahead) prices have opened up 14.81% lower than this time last week with Gas (Day Ahead) increasing by 22.41%
The UK is about to experience the winter's first significant test. For the remainder of the month, temperatures are expected to be below seasonal average, but tomorrow through the 11th seem to be exceptionally chilly. We've experienced a few frigid days towards the tail end of November up until now, but this will last for an entire week. How will we fare?
The UK is prepared for "The Troll from Trondheim," a northerly Arctic plunge. Due to a strong supply and storage, it could not be as much of a threat to the supply as the media might suggest. While the domestic and Norwegian gas supplies are still plentiful, the UK has 12 LNG cargoes loaded and ready to go. The grid will undoubtedly be put to the test occasionally, especially during peak hours, which is why some market concern exists.
We have both positive and terrible news on Europe's fundamental situation. Never deliver bad news first. Given that all clearances are still pending, it is now anticipated that the Freeport LNG Terminal in Texas will only partially resume operations at the end of the year. a lag from mid-month. The good news is that over the weekend, some nuclear capability was restored in France. Although still much below average, it is a hint of good things to come.
How the market has opened each day:
DAY AHEAD PRICES | Gas (pence per therm) | Electric (£ per MWh) |
28/11/2022 | 355.00 | 385.00 |
29/11/2022 | 319.55 | 341.00 |
30/11/2022 | 355.00 | 340.00 |
01/12/2022 | 330.00 | 336.00 |
02/12/2022 | 328.00 | 326.70 |
05/12/2022 | 355.00 | 328.00 |
7 day averages
Electric (£ per MWh) 342.78
Gas (pence per therm) 329.50
The below shows how the market compares to the previous week, month and year.
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