The gas and power systems in the UK are both “comfortable” today, according to the daily market report from npower.
Client Portfolio Manager Gemma Bruce (pictured) said: “As a result of the system comfort on both the power and gas systems, we’ve seen near curve prices open at a discount this morning, with the seasonal contracts also a touch lower. This comes as the Pound has continued to hold its strength against the Euro.
“However, the losses are being kept in check by relative strength of oil this morning which is trading back up at around $109 (£65.2) per barrel and also the carbon price which is pushed above €7 (£5.7) this morning.”
Norwegian flows to the UK continue to be strong and the Langeled underwater pipeline is importing at “near capacity”, she added. Flows from the Balgzand Bacton Line (BBL) is also strong at just under 40 million cubic metres this morning, the report said.
Wind generation is slightly subdued at around 2.5GW and nuclear generation has also lowered and was just over 6GW this morning, Ms Bruce added.
However, gas-fired generation picked up to compensate for it and there have also been strong imports from the Continent via both the French and Dutch interconnectors.