We have seen a drop in wholesale energy prices on Tuesday, 19th April which can be attributed in part to confidence about Russia’s willingness to modify its roubles demand. While near-term electricity prices continued to fall, gas prices began to firm up, most likely due to weaker wind output and forecasted cooler temperatures. In other news, despite a drop in EU and UK prices expanding the difference in favour of Asian markets, China’s ongoing lockdowns continue to alleviate cross-continent LNG competitiveness.
Wholesale gas prices for May 22 decreased on Thursday 14th April, closing at 177.25 pence per therm. This was a -16.81% fall against Wednesday’s closing price.
Wholesale power prices for May 22 also decreased on Thursday, closing at 170.50 per MWh, which was a -11.89% fall against Wednesday’s close.
In other energy related news:
- Western sanctions over Moscow’s military operation in Ukraine have harmed their energy exports and on April the 14th, Putin advised that Moscow would seek to reroute its energy exports eastward as Europe attempts to lessen its reliance on Russian gas. China, the world’s largest energy consumer, and other Asian countries have been forming deeper connections with the Kremlin.
- During their meeting, Putin told Chancellor Karl Nehammer that Austria’s gas supply can continue to be paid for in euros.
- According to National Grid’s annual summer outlook, the UK will have enough gas to meet demand this summer and may be able to sell extra supplies to Europe due to low storage levels on the continent.
- Due to early challenges with technology readiness and high costs, tidal energy has long been in the back of the UK’s renewable energy armoury, outshined by its wind and solar rivals. Yet, with new study indicating that it may generate 11% of the UK’s electricity needs – and major government investment in the pipeline for UK projects – Its prospects appear to be more promising than ever.
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