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07/03/2022 - Weekly Wholesale Market Update

Huge increases in the Gas and Electric wholesale market this week as we enter day 12 of the Russian war in Ukraine! Record high Gas wholesale costs.

Today, the Electric wholesale prices have opened up 91.88% Higher than this time last week with Gas Increasing by 171.93%.

A ceasefire in name only was observed throughout the weekend, with shelling continuing and civilian wounded and fatalities lining the streets. Although sanctions have had a significant impact on the Russian economy, Ukrainians believe they are currently in a worse position.

A restriction on Russian oil has pushed prices soaring, with Brent last trading at $125.10/bbl, up $6.99 [5.9%], and WTI at comparable levels. Because of the high price of the versatile commodity, European stocks are falling due to concerns about growing overheads.

The Dutch TTF is a good leveller for European gas prices, although it has risen to 6.45/MWh [33 percent] since Friday's close of 192.55, to last trade at €256. At €345/MWh, the within-day range narrows the 52-week range's top limits.

On April 22, Equivalent NBP transacts at 610p/th... Today's advances were near 150p/th [335] at 0800, indicating a pause for further gains. The gas and power boards are slow, but they are expected to keep going strong. As colder temperatures reach Western Europe and the United Kingdom, improving renewables will not be enough to keep DA from increasing by 152[/th [33 percent].

As the Ukraine war has an influence on global food and fertiliser exports, EUAs tied to heavy industries have taken a hit, falling €6.88 [10.6%] under '60' to €58.20/Mt.

Due to the price increases, we have had to increase the parameters in the graph to now go up to 650 to show the increases!

How the market has opened each day:

Date Electric (£/MWh) Gas (p/therm)

28/02/2022 245.00 228.00

01/03/2022 214.00 269.13

02/03/2022 215.10 291.50

03/03/2022 350.00 406.00

04/03/2022 335.00 472.00

07/03/2022 470.10 620.00

7 day averages

Electric (£ per MWh) 304.87

Gas (pence per therm) 381.11

The below shows how the market compares to the previous week, month and year.

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