Both Gas and Electric markets are down from this time last week as we have above season normal temperatures and increased wind generation. Although prices have opened up lower, the continuing tensions between Russia and the West are pushing up prices of Crude oil which could again have a knock on affect on our energy prices.
Gas: NBP gas contracts traded higher on Friday, supported by reduced Norwegian flows as unplanned maintenance continued and by gains within the coal markets. This morning near curve NBP gas contracts have opened lower following an end to the unplanned Norwegian outages and weaker demand as wind generation increases, while longer dated contracts have opened higher as trading within the wider commodities strengthens.
Power: The front month UK power contract weakened on Friday, pressured by forecasts for above average temperatures, however stronger trading within the NBP gas market and gains within the coal market supported prices across the curve. UK power contracts have mirrored the movements within the NBP gas market this morning which continues to be a key driver of the UK power market.
Today, the Electric wholesale prices have opened up 27.11% Lower than this time last week with Gas Decreasing by 8.08%
How the market has opened each day:
Date Electric (£/MWh) Gas (p/therm)
24/01/2022 240.10 224.10
25/01/2022 195.35 226.00
26/01/2022 187.60 214.80
27/01/2022 194.60 216.60
28/01/2022 179.10 220.10
31/01/2022 175.00 206.00
7 day averages
Electric (£ per MWh) 195.28
Gas (pence per therm) 217.93
The below shows how the market compares to the previous week, month and year.
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