State of the Energy Market – 25th May 2022

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:

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.