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Energy Wholesale Market Review


Energy Wholesale Market Review Week Ending 30th September 2022

This week represented a relatively mixed picture for wholesale gas and power contracts. Primarily, we observed losses on shorter-dated contracts whereas prices further out on the forward curve recorded gains – a possible response to on-going concerns over future supply and associated disruption, amid gas leaks at both Nord Stream 1 and 2 pipelines in European territorial waters. Day-ahead gas fell 25.0% to 172.50p/th, amid a steady stream of LNG flows reaching UK LNG import terminals, softening the near-term supply/demand balance and assisting net injections into storage. However, day-ahead power rose 17.2% to £225.00/MWh, with periods of lower wind outturn seen during the week, tightening system margins slightly. October 22 gas was down 15.6% at 245.00p/th, and November 22 gas decreased 9.8% to 381.00p/th. Most tracked seasonal gas contracts boosted this week, up by 2.1% on average, while summer 23 gas increased 0.6% to 435.00p/th and and winter 23 gas rose 2.7% to 455p/th. Elsewhere, all seasonal power contracts rose this week, up on average by 3.0%, as winter 22 and summer 23 expanded 5.3% and 1.4% respectively, rising to £600.00/MWh and £350.00/MWh.

Wholesale price snapshot – Friday-on-Friday

Energy Wholesale Market Review Week Ending 30th September 2022.

Written By Graham Paul

Graham Paul

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