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Energy Prices (mid June 2014)

Mid June 2014

Electricity:   Further violence in Iraq, the second largest oil producer in OPEC, could disrupt exports and drive oil prices up-and other markets up in turn.

The Scottish Government has approved construction of a new 240 MW wind farm near Fort Augustus. Underlying electricity demand remains low in the UK, helping to subdue prices.

Gas: Norwegian offshore workers plan to strike this week, potentially cutting 15 mcm/day output of gas.

Asian short term LNG prices have dropped to a 3 year low, if the trend continues this may encourage continued strong LNG exports to the UK. Combined with a new LNG export facility in Papua New Guinea and the return of Qatari LNG production have all contributed to a sense of oversupply and lower prices

Summary position:

Oil $113.01/barrel

Coal $80.0/MT

EUA 14 €5.68/TCO2

Gas 58.55/th Oct 14

Gas 60.05/th Apr 15

Electricity £49.90/MWh Oct 14

Electricity £52.55/MWh Apr 15