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Energy Prices (early December 2014)

Early December 2014

Electricity:  Plans for construction of two offshore wind farms have been scaled back following speculation about the level of support they will receive under the new contracts-for-difference programme. The size of the Navitus Bay wind farm has been reduced from 930 MW to 630 MW and the Ramption wind farm reduced from 700 MW to 400 MW.

Three of the four nuclear power stations that were offline for maintenance over the summer have returned to generation. The fourth, Heysham, will return online by the end of the month, boosting confidence in supply capacity for the winter.

Gas: Gas supplies are currently good, but any flare-ups in Ukraine could shake confidence in Russian supplies. Forecasters continue to predict cold snaps as the mild weather continues.

Projected market prices for LNG in Asia have been marked down by 5% off the back of good production rates in Papua New Guinea and continuing mild weather, prices may fall by another 18% in 2016

Summary position:

Oil $70.54/barrel

Coal $70.75/MT

EUA 14 €6.91/TCO2

Gas 54.93p/th Apr 15

Gas 55.3p/th Oct 15

Electricity £50.0/MWh Apr 15

Electricity £50.28/MWh Oct 15