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Markets

UK GAS-Prompt prices rise on low Norwegian flows, high wind output

  • The within-day contract was up 0.35 pence at 12.35 pence per therm by 0810 GMT.
Published July 28, 2020

LONDON: Prompt British wholesale gas prices rose on Tuesday morning as flows through the Langeled pipeline from Norway were at zero and as wind power output increased.

The within-day contract was up 0.35 pence at 12.35 pence per therm by 0810 GMT.

The day-ahead contract was up 1.15 pence at 12.75 p/therm.

Flows from Norway through the Langeled pipeline are at zero. There are no notifications from Gassco to explain the drop.

Flows are nominated at 6.7 million cubic metres (mcm) and should start flowing later, said Wayne Bryan, analyst at Refinitiv.

"Renewable output is high today and we do not need the gas at present," he said.

Wind speeds are high and currently providing 8 gigawatts (GW) or 39pc of the power mix, he added.

Peak wind generation is forecast at 12.5 GW on Tuesday and nearly 11 GW on Wednesday, Elexon data shows, out of a total metered capacity of 18 GW.

High wind output typiclly reduces demand from gas-for-power plants.

Gas for power demand was 15.6 mcm/d, down 20 mcm from yesterday.

The system was nearly balanced with demand forecast at 144 mcm and flows at 141 mcm/day, National Grid data shows.

The September contract was down 0.23 pence at 14.40 p/therm.

The day-ahead gas price at the Dutch TTF hub was up 0.12 at 4.50 euros per megawatt hour.

The benchmark Dec-20 EU carbon contract was 0.25 euro higher at 25.26 euros a tonne.

GAS

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