Both Gas and Electric markets are down from this time last week as we have above season normal temperatures and increased wind generation. Wider commodities (Crude and Coal) increase in price as the tensions between Russia and the West continued and a weakened US dollar. Brent crude has gained further value as winter storms in the US threatens production with US oil inventories falling.
Gas: NBP gas contracts gained value on Thursday following expectations of lower temperatures, reduced Russian flows and string trading within the carbon markets. This morning, NBP gas contracts have opened higher despite a fall in demand as falling temperatures and gains within the carbon markets support prices.
Power: UK power contracts traded higher on Thursday tracking the gains within the NBP gas market, as expectations of colder temperatures and gains within the carbon markets bolstered prices. UK power contracts have opened higher this morning, following stronger trading within the NBP gas market and within the carbon markets.
Today, the Electric wholesale prices have opened up 7.41% Lower than this time last week with Gas Decreasing by 6.46%
How the market has opened each day:
Date Electric (£/MWh) Gas (p/therm)
31/01/2022 175.00 197.75
01/02/2022 170.50 177.00
02/02/2022 164.00 178.00
03/02/2022 162.00 184.00
04/02/2022 173.00 194.00
07/02/2022 163.70 183.10
7 day averages
Electric (£ per MWh) 168.03
Gas (pence per therm) 185.64
The below shows how the market compares to the previous week, month and year.
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