Daily Updates
As liquidity remained scarce and concerns over Russian gas delivery persisted, both the gas and electricity markets opened higher on Wednesday 25th May (2022) and continued to rise throughout the day. Late in the afternoon, wholesale prices spiked amid news that Yamal LNG had declared Force Majeure on multiple LNG cargo deliveries to Gazprom M&T.
Given the restricted availability of nuclear power in France, weather projections continue to indicate to a still and warm start to June, which could mean a greater reliance on gas to power. It’s also probable that Chinese demand may increase ahead of the winter season, adding to the market’s volatility.
Gas
June 22 wholesale gas prices closed at 136.67 pence per therm on Tuesday, which was an increase of 1% against the previous day’s closing price.
Power
Wholesale power prices for June 22 closed at £152.21 per MWh, which was an increase of 1% against the previous day’s close
In other energy related news:
- Due to the country’s investment in power storage and floating wind farms winning huge in recent auctions such as ScotWind, Britain has climbed two places to third place on the RECAI attractiveness index for renewable energy investment, developed by management consultants EY.
- In hopes of severing any remaining energy ties with Vladimir Putin, EDF is currently looking for alternatives to the Russian uranium that powers Suffolk’s Sizewell B, the largest nuclear power plants that supplies around 3% of UK electricity. It will also be replenished using Russian stockpiles purchased before the war when they run out. When the two-year supply of uranium is out, EDF says it will look for “other solutions for future re-fuelling.“
Stay Informed! Are your utilities up-to-date?
We are here to advise you on every aspect of usage, procurement and net zero reporting for electricity and gas! Get in touch for a free no-obligation quotation.
