May 2021 Energy Market BriefIn April 2021, all tracked wholesale GB gas contracts rose, with the most pronounced rises observed across near-term contracts.

In April 2021, all tracked wholesale GB gas contracts rose, with the most pronounced rises observed across near-term contracts. Gas prices across the board remained comfortably above their levels seen at the same time last year, amid a recently bullish commodity market and as EU storage levels are at multi-year lows.

On average, seasonal gas contracts from winter 21 to winter 23 were 5.7% higher in April than in March, with prices also collectively ending the month higher than they were at the month’s start. Winter 21 rose 11.1% to average 58.36p/th, while summer 22 gas lifted 6.4% to 42.73p/th.

Wholesale power contracts also shared the upward price trends seen in gas markets, with collective rises across all tracked power contracts in April.

Seasonal power contracts up to and including winter 23 rose 5.7% on average in April. Winter 21 rose 9.3% to £69.17/MWh while summer 22 rose 5.7% to £52.39/MWh. The annual October 21 power contract rose 7.7% to average £60.78/MWh.