Water – The Forgotten Utility…
October 11, 2024Tripling Renewable Energy Capacity by 2030 Will Require $1.5 Trillion Annually
October 15, 2024UK Energy Market Summary to Friday 11th October 2024
Closing Prices 11.10.2024
British near-term gas prices fell sharply on Tuesday, with the NBP spot dropping by nearly 6%, closing at 3.2 p/kWh. This decline was driven by improving supply conditions and a milder weather outlook. On the forward curve, the Sum-2025 contract declined by 3%, settling at 3.2 p/kWh, as healthy European gas storage levels continued to weigh on future prices.
Gas prices mostly reversed their midweek losses on Thursday, with the NBP spot price increasing by nearly 5%, closing at 3.4 p/kWh. The rise was driven by colder weather forecasts for the weekend and reduced wind generation. The Sum-2025 contract also gained over 4%, closing at 3.3 p/kWh, as geopolitical tensions and lower LNG exports to the UK added further pressure.
At time of writing, European gas storage levels are 95% full, with the UK 61% full. European gas storage levels have remained above the 5-year average throughout 2024. Over the past week gas has accounted for 27% of the UK generation mix with wind accounting for 32%, solar 4% and nuclear accounting for 13%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
Oil prices rose sharply on Thursday, gaining nearly 4%, as fears of a potential Israeli strike on Iran pushed prices higher. Brent crude closed at $79.40 per barrel, while WTI crude settled at $75.85 per barrel.
European carbon prices rose on Thursday, tracking the gains in gas prices. The EUA Dec-2024 contract increased by nearly 5%, closing at 65.00 EUR/tonne.