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Energy Prices (mid October 2014)

Mid October 2014

Electricity:   A sharp drop in oil prices has driven down prices in related products, but there could be a rebound coming if producers choose to scale back production.

Four new offshore wind farms, with a combined capacity of 2,300 MW, have been given approval by the Scottish Government

Gas: maintenance at two major Qatari LNG terminals is set to continue until the end of the month, limiting exports to the UK.

Norwegian gas exports are expected to be around 3% higher this winter compared to last winter. The new Valemon field and ramping up of ouput from the Skarv, Gudrun and Oseberg fields as well as the end of maintenance at Troll will all contribute to increased flows out of Norway.

Summary position:

Oil $83.78/barrel

Coal $71.9/MT

EUA 14 €6.20/TCO2

Gas 57.2/th Apr 15

Gas 57.83p/th Oct15

Electricity £51.08/MWh Apr 15

Electricity £51.35/MWh Oct 15