For the first time in quite a while, there was a deviation between gas and electricity prompt wholesale prices on Monday 20th June. There was an industry wide IT challenge that caused trading to halt for a period of time, but over the course of the rest of the day, there was little change and so we expect to see Tuesday’s (21st June) prices to close marginally up compared where prices closed on Monday (20th June).
July 22 wholesale gas prices decreased slightly to close at 200.84 pence per therm.
Wholesale power prices increased by 2% and closed at £203.06 per MWh.
In other energy related news:
- Work will soon commence on an enormous solar farm in Anglesey, which goes against the protests of local residents that have been trying to stop the construction of the 50MW scheme. The project will be called Porth Wen and the owners, EdF, have stated that it will generate enough electricity for almost 10,000 homes by the time it is operational towards the end of 2022.
- Ofgem is putting plans in place to stop energy suppliers from using the credit balances of domestic customers for carrying trading and other activities. The move from the regulator will ensure that consumers with credit balances are protected from failing suppliers. Last year, almost 30 domestic energy suppliers went bust and many customers that were impacted have struggled to recover money owed to them by their respective failed suppliers.
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