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Markets

UK GAS-Prompt prices rise as lower wind power forecast boosts demand

  • The day-ahead contract was up 0.65 pence at 16.40 p/ therm by 0921 GMT.
05 Aug 2020

LONDON: Prompt British wholesale gas prices rose on Wednesday morning as forecasts for lower output from the country's wind farms boosted demand for gas.

The day-ahead contract was up 0.65 pence at 16.40 p/ therm by 0921 GMT.

Traders said predicted lower wind speeds on Thursday meant more of the country's electricity was expected to come from gas-fired power plants, buoying gas prices.

Peak wind power generation is forecast at 12.3 gigawatts (GW) on Wednesday, falling to 4.3 GW on Thursday, Elexon data showed.

Gas for power demand was forecast at 36 million cubic metres (mcm) on Wednesday, rising to 51 mcm on Thursday, Refinitiv Eikon data showed.

The forecasts were 5 mcm and 16 mcm higher respectively than previous expectations.

Britain's gas system was oversupplied on Wednesday with demand forecast at 133.4 mcm and flows at 151.1 mcm/day, National Grid data showed.

The September contract was up 0.70 p at 19.90 p/therm.

The day-ahead gas price at the Dutch TTF hub was up 0.10 euro at 6.85 euros per megawatt hour.

The benchmark Dec-20 EU carbon contract was flat at euro at 26.83 euros per tonne.