Energy Wholesale Market Review
Energy Wholesale Market Review Week Ending 28th April 2023
This week, near-term wholesale gas and power contracts experienced mostly bearish trends, resulting from mild temperatures leading to reduced LDZ demand coupled with higher wind output. Day-ahead gas fell 7.5% to 92.00p/th, being weighed on by reduced demand, amid warmer temperatures. Similarly, day-ahead power fell 4.3% to £100.00/MWh, following the bearish price movements of its equivalent gas contract, combined with increased renewable output seen during the week. May 23 gas was down 5.5% at 93.00p/th, and June 23 gas decreased 5.4% to 94.25p/th. Opposing near-curve contracts, all seasonal gas contracts boosted this week, up by 5.8% on average. Winter 23 and summer 24 gas increased 4.8% and 5.5% respectively, lifting to 152.00p/th and 144.00p/th. All seasonal power contracts also reported gains this week, up on average by 3.1%. Winter 23 and summer 24 expanded 1.3% and 3.7% respectively, rising to £156.00/MWh and £127.50/MWh.
Wholesale price snapshot – Friday-on-Friday
Energy Wholesale Market Review Week Ending 28th April 2023.
Energy Wholesale Market Review Week Ending 21st April 2023
This week, wholesale gas and power contracts experienced mostly bearish trends – resulting from increased daily temperatures, coupled with greater wind power generation, when compared to last week. Day-ahead gas fell 0.5% to 99.5p/th amid strong LNG supplies, and decreased demand levels. Similarly, day-ahead power fell 2.3% to £104.5/MWh, following the bearish price movements of its equivalent gas contract, combined with increased renewable outturn seen during the week. May 23 gas eased 1.8% to 98.4p/th, and June 23 gas curtailed 2.8% to 99.6p/th. The vast majority of seasonal gas contracts lowered last week, aside from summer 25 which saw a marginal 0.9% growth, down by 0.9% on average - with winter 23 and summer 24 gas slipping 1.4% and 1.3% respectively, to 145.00p/th and 136.5p/th. Elsewhere, all seasonal power contracts reduced this week, down on average by 2.8%, as winter 23 power decreased 2.5% to £154.00/MWh, and summer 24 fell 2.4% to £123.00/MWh.
Wholesale price snapshot – Friday-on-Friday
Energy Wholesale Market Review Week Ending 21st April 2023.
Written By Graham Paul
