Energy Market Report - Jul19
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Energy Market ReportsEnergy Market Report - Jul19

Energy Market Report - Jul19

Chris Hurcombe

by Chris Hurcombe 05 August 2019

Report Summary:

Power and gas prices see resurgence

key-market-indicatorsEnergy Market Brief - August 2019

Day-ahead gas prices increased for the first time since September 2018, rising 7.1% to average 30.0p/th in July. The contract peaked at 38.3p/th on 15 July, a three-month high as the gas system was undersupplied following an unplanned outage at Aasta Hansteen in Norway and a rise in gas for power demand amid forecasts of lower wind generation. August 19 gas also recovered, rising 4.2% to average 29.8p/th. All seasonal gas contracts rose, up 2.2% on average. Winter 19 gas was up 0.3% to average 51.5p/th, however this remains 12.8% lower than the same time last year (59.0p/th).

Day-ahead power rose for the first time since December 2018, growing by 6.2% to average £41.9/MWh in July. The contract also peaked on 15 July, hitting £48.8/MWh, the highest since 22 February as wind output was forecast below 1.0GW the following day. August 19 power gained 4.8% to average £41.1/MWh, however this a 14.0% reduction from the same time last year (£47.8/MWh). All seasonal power contracts also moved higher, up 3.2% on average, with winter 19 power 2.2% higher at £56.9/MWh.