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UK Energy Market Summary to Friday 7th March 2025
Closing prices 07.03.2025
The NBP spot price dropped by nearly 3% to 3.4 p/kWh on Wednesday, as a continued mild spell reduced supply concerns. Expectations that a potential Ukraine ceasefire could boost Russian gas exports to Europe and increase gas availability, added further bearish pressure on British gas prices.
On Thursday the NBP Summer 2025 delivery contract tumbled by over 7% to 3.2 p/kWh, influenced by a heavy sell-off, potentially triggered by news about the possibility of resuming the transit of Russian gas to Europe through Ukraine.
At time of writing, European gas storage levels are 37% full, with the UK 22% full. European gas storage levels are trending just below the 5-year average throughout 2024. Over the past week gas has accounted for 33% of the UK generation mix with wind accounting for 31%, solar 4% and nuclear accounting for 10%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
Crude oil prices declined as markets reacted to the prospect of increased OPEC+ supply from April and concerns that a U.S.-led global trade war could hinder demand growth this year.
European carbon prices dropped on Thursday, driven by speculative investors closing long positions in gas trading and weaker energy demand following the implementation of Donald Trump’s tariffs.