Gas and Electric wholesale markets drop this week. Electric prices were at their lowest in months on 16/02/2022 with tensions between Russia and the Ukraine seeming to ease. This has since increased but not to the levels they have been previously. With the storms occurring this last week, we have increased Wind generation.
Gas: NBP gas contracts lost value on Friday as strong wind generation, above average temperatures and a healthy supply outlook weighed on the market. This morning shorter dated contracts have opened higher despite a bearish weather outlook and strong LNG supplies, while longer dated contracts have opened lower.
Power: Shorter dated UK power contracts weakened on Friday as strong wind generation pushed prices lower, while longer dated contracts firm following the gains within the carbon markets. Most UK power contracts have opened higher this morning, dragged higher by the gains within the NBP gas market despite a bearish weather outlook.
Today, the Electric wholesale prices have opened up 12.51% Lower than this time last week with Gas Decreasing by 12.51%
How the market has opened each day:
Date Electric (£/MWh) Gas (p/therm)
14/02/2022 175.00 191.00
15/02/2022 154.00 163.00
16/02/2022 122.50 164.00
17/02/2022 154.60 176.10
18/02/2022 146.66 176.80
21/02/2022 153.10 167.10
7 day averages
Electric (£ per MWh) 150.98
Gas (pence per therm) 173.00
The below shows how the market compares to the previous week, month and year.
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