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- 6 September 2011
Rising UK Wholesale Gas PricesUK wholesale gas prices are on the rise once againOver the past week a series of factors forced UK wholesale gas prices to go up. There are rumours that Norway are planning to divert Europipe 1 supply to Germany, also unexpected operational problems from ConocoPhillip’s Theddlethorpe gas terminal, amongst other factors such as Belgian LNG tankers redirected to Japan, PX’s Teesside plant scheduled maintenance outage in September and Qatargas rolling maintenance over the coming months are all contributing in the rise in UK wholesale gas prices.
Wholesale Gas Prices for Monday’s delivery rose 0.55 pence to 57.10 pence per therm and Tuesday’s gas traded 1.10 pence higher at 57.75 pence. British gas for October’s delivery rose 0.70 pence to 65.50 pence, while November’s gas increased to 72.75 pence. Another factor that weighted on UK gas contracts on the far end of the curve was the recession fears in America. Winter 2011/2012 gas contract’s firmed at 73.85 pence up 0.35 pence, while winter 2012/13 gas shed 0.60 pence at 74.60 pence, guided by falling crude oil prices. Meanwhile, a letter leaked from the Prime Minister’s senior policy adviser on energy and environment. warned that current policies could add 30% to consumer energy bills by 2020. According to Ben Moxham’s letter wholesale gas prices will play a major role in these rises. “If gas prices are low in 2020, the cost of policies promoting nuclear and renewables would be high, he says, and it would not be cost effective to pursue these policies. If however, gas prices are high, reliance on nuclear power and renewables “could conceivably” be better for consumers.” – writes Mr. Moxham. According the Mr. Moxham’s letter there are four policies that stand out as having the most significant impact on household and business energy bills: carbon pricing (both out own carbon price floor and the EU emissions trading scheme), the new Energy Company Obligation, our Electricity Market Reform package and the Renewables Obligation. For further information: Telegraph | www.decc.gov If you would like more information on our range of UK Wholesale Gas Prices or would simply like to find out how we could benefit your business, simply call our energy team today on 0870 710 7560 or request a call back at time to suit.
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