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Energy Prices (early October 2014)

Early October 2014

Electricity:   The clocks going back later this month, and a general associated shift to winter lighting and heating schedules will boost power consumption and short term prices, the tight supply margin will increase sensitivity to an unexpected outages or disruption to supply.

The 490 MW nuclear power station Wylfa has been granted a last minute extension to its operating license and will now continue to generate electricity until the end of 2015

Gas: Temperatures are forecast to drop sharply this week, potentially boosting demand, wile Qatari exports of LNG have dropped off during maintenance, which has taken longer than expected.

Russia and Ukraine are set to sign an interim as supply deal in the coming days, introducing some stability and keeping prices under pressure.

The Rhum gas field has restarted production, after sanctions were lifted from Iranian co-owners, this could add an extra 6 mcm/day to UK gas production by the end of the year.

Summary position:

Oil $94.16/barrel

Coal $74.63/MT

EUA 14 €5.68/TCO2

Gas 58.55p/th Oct 14

Gas 59.4p/th Apr 15

Electricity £51.70/MWh Apr 15

Electricity £52.18/MWh Oct 15