State of the Energy Market – 29th June 2022

Daily Updates

Concerns over Russian gas delivery persisted on Wednesday (29th June) despite the encouraging signs seen the previous day from the restart of Turkstream flows. As a result, both the gas and electricity markets opened higher.

Worries were then escalated further after word spread in the middle of the day that there were no diplomatic avenues open to resolve the Nord Stream 1 turbine problems, pushing the market up further but front months abating slightly in the late afternoon.

Gas

July 22 wholesale gas prices decreased by 3% to close at 166.75 pence per therm.

Power

Wholesale power prices also increased by by 3% to close at £202.75 per MWh.

In other energy related news:

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