Energy Wholesale Market Review
Energy Wholesale Market Review Week Ending 29th November 2013
Long-term power contracts rose this week following increases in gas, oil and carbon. Annual April 14 baseload power climbed 0.5% to £52.7/MWh while its gas counterpart increased 0.4% to 67.6p/th. Day-ahead power prices rose 2.7% to £56.0/MWh week-on-week. The contract reached a seven-month high of £58.3/MWh on Wednesday due to lower supplies and rising demand. The annual clean spark spread remained at last week’s level of £2.3/MWh as power and gas moved upwards. The annual clean dark spread rose 0.8% to £20.8/MWh as power rose faster than coal. Month-ahead Brent crude oil rose 2.2% to a weekly average of $110.6/bl on the back of concerns about supply security in Libya and positive US economic data. Oil rose to an almost seven-week high of $111.4/bl on Thursday on the back of supply concerns while winter demand rises.
Written By Graham Paul