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Energy Prices (Early December 2017)

Electricity:  

The UK government recently announced budget plans to invest £400 million in electric car charging infrastructure. This could hasten the adoption of electric vehicles (EVs) in the UK, which National Grid has said could reverse the long-term year-on-year downtrend in UK power consumption.

Tesla have installed and activated the world’s largest lithium ion battery in South Australia. The 100 MW unit was built to help address regional power shortages there.

The world’s largest floating photovoltaic solar plant, with 200 MW of capacity, is to be built on a dam reservoir in Indonesia.

According to Moody’s UK wholesale power prices will fall by around 11% by 2022. Weaker gas prices in sterling terms, falling power demand and low-cost imports from mainland Europe will all pressure prices, it said.

Gas: 

We have seen Chinese wholesale LNG prices have surge 50% over last fortnight on record winter buying there.

Strong demand from other Asian countries too has pushed regional prices further above UK (and European) levels, reducing the UK’s LNG cargo pulling power.

Summary position: 

Oil $63.78barrel

Coal $85.10/MT

EUA 17 €7.53/TCO2

Gas 48.13p/th Apr 18

Gas 46.90p/th Oct 18

Electricity £46.88/MWh Apr 18

Electricity £45.40/MWh Oct 18