Latest News

Energy Prices Update

Oil prices have reached a record high of $128/barrel following a rumour that a pipe had exploded in Saudi Arabia last Thursday, which has caused an upsurge in both gas and electricity prices. Annual April ’12 UK power prices reached £51/MWh, and April ’12 annual gas prices rose to almost 68p/th at the end of February which are the highest levels since November ’11. Future annuals have also seen significant increases but not as pronounced as the April increases.

Other factors such as fluctuating temperatures, LNG delivery concerns and the closures of UK based power stations have also contributed to the recent price gains.