UK GAS-Day-ahead price edges higher with wind power output set to dip

• Peak wind power generation is forecast at 11.3 gigawatts (GW) on Tuesday, falling to 8.9 GW on Wednesday.
• Gas for power demand was forecast at 48 million cubic metres (mcm) on Tuesday rising to 76 mcm on Wednesday, Refinitiv analysts said.
• The day-ahead gas price at the Dutch TTF hub was down 0.10 euro at 8.10 euros per megawatt hour.

LONDON: The day-ahead British wholesale gas price edged higher on Tuesday morning as forecasts for lower output from the country's wind farms was expected to increase demand for gas from power stations.

The day-ahead contract was up 0.23 pence at 22.80 p/therm by 0949 GMT.

Traders saId that despite ongoing fears over Europe's energy demand due to the coronavirus spot prices were still responding to short-term fundamentals.

Peak wind power generation is forecast at 11.3 gigawatts (GW) on Tuesday, falling to 8.9 GW on Wednesday, Elexon data showed.

"Day-ahead gas for power demand is up, however the forecast may be a bit too high as lots of commercial sites have been shut down," Refintiv analysts said in a daily research note.

Gas for power demand was forecast at 48 million cubic metres (mcm) on Tuesday rising to 76 mcm on Wednesday, Refinitiv analysts said.

Britain's gas system was oversupplied by mcm with demand forecast at 228.5 mcm and flows at 240.3 mcm/day, National Grid data showed.

The April contract was up 0.38 p at 22.00 p/therm

The day-ahead gas price at the Dutch TTF hub was down 0.10 euro at 8.10 euros per megawatt hour.

The benchmark Dec-20 EU carbon contract was up 0.65 euro at 16.19 euros per tonne.