Summary – Wholesale power and gas contracts up to, and including, summer 20 extended their losses last week, while prices further along the curve rose. UK day-ahead gas prices hit a fresh five-month low of 20.60p/th as high wind generation saw a drop in gas-for-power demand. Day-ahead power was also supressed by high wind output, dropping to as little as £26.15/MWh on 14 February, the lowest on our records going back to 2008.
In contrast, seasonal power and gas contracts were up on average by 1.1% and 1.4%, respectively.
LNG prices extended their all-time lows, providing further pressure to the GB gas market amid high import levels. While, the oil and carbon markets appeared to be relatively steady and even showed some gains.