State of the Energy Market – 14th June 2022

Daily Updates

Both gas and power opened up on Tuesday (14th June) based on news that the Russian gas pipeline Nordstream 1 had dropped transportation levels by approximately one third today due to a compressor fault issue found during maintenance.

Prices had initially started to settle but then in the late afternoon, the news broke that the Freeport LNG terminal in the US would not be back on line within the three weeks originally estimated, following a fire last week that had forced its temporary closure. It is now expected that the facility will be closed for up to 3 months and it perhaps may not be fully operational until the end of this year. Bullish trading ensued and we’ve seen prompt prices rise for gas by over 20% at one stage with power prices increasing by 5%. Further out, curve prices also increased but by much smaller levels at approximately 1.5%.

Wholesale prompt prices for gas and power both increased on Monday, 13th June. 


July 22 wholesale gas prices dropped by 5% to close at 153.71 per therm.


Wholesale power prices fell by 2.2%, and closed at £162.62 per MWh.

In other energy related news:

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