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Energy Prices (early December 2013)

Electricity:   The National grid has announced the UK market is set to call on expensive oil fired plant more often this winter than in previous years. Plans to build one of the world’s largest offshore wind farms have been cancelled. RWE called off the 1200 MW Altantic Array project citing technological challenges and market conditions.

January and February are predicted to be milder than usual across the UK and Northern Europe. EDF have announced the gas fired Sutton Bridge plant will be bigger, more efficient and cleaner than initially planned, increasing capacity to 1800 MW.

Gas:  Withdrawal capacity at the Aldbrough site has been reduced from the 24^th of November. A narrowing gap between UK and European prices may discourage gas sales, especially as UK storage sites become depleated.

Gas production started in the new Jasmine field in the UK North Sea , this is one of a cluster of fields due to come on line this winter, which should stem or reverse the decline in UK output. Exploiting shale deposits across the EU could lower prices by up to 14% by 2050 according to an oil and gas industry group.

Summary position: 

Oil $110.86/barrel

Coal $81.35/MT

EUA 14 €4.68/TCO2

Gas 67.70p/th Apr 14

Gas 66.73p/th Oct 14

Electricity £52.85/MWh Apr 14

Electricity £53.95/MWh Oct 14