Energy Wholesale Market Review
Energy Wholesale Market Review Week Ending 24th March 2023
This week, we continued to broadly observe the downturn of wholesale gas and power prices, with the day-ahead contracts being the primary outliers to this trend. Recent milder weather has helped to lower demand, allowing prices to soften. Added to this, the present gas storage level on the continent remains strong, with net injections being seen last week following mild weather. However, day-ahead gas rose 1.0% to 102.00p/th following some periods of system undersupply observed. Similarly, day-ahead power grew 3.5% to £118.00/MWh as forecasted wind outturn levels decrease next week. April 23 gas was down 4.6% at 103.00p/th, and May 23 gas decreased 3.9% to 104.75p/th. Seasonal gas contracts were mixed this week, however, seeing a 1.1% drop on average. Most seasonal power contracts declined this week, down on average by 1.8%, as summer 23 power decreased 5.0% to £115.00/MWh, while winter 23 fell 1.0% to 145.00/MWh.
Wholesale price snapshot – Friday-on-Friday
Written By Graham Paul
