The front month power markets have fallen by almost 30 pence per megawatt-hour against last nights close, acoording to today’s daily market report.
“It’s currently trading at £41.35 per megawatt-hour,” said Steven Walker, Client Portfolio Manager on npower’s Optimisation desk.
The analyst added: “The corresponding gas contract is trading around 50 pence a therm.
“Langeled nominations are the biggest mover this morning with unplanned outages at the Troll and Sleipner gas fields, curtailing 21 mcm [million cubic metres] a day of production into this weekend.”
Peak UK power demand has also dipped slightly to 48.5GW today and wind generation is forecast to peak at 7GW today, he said.
Elsewhere a “huge build” in US oil inventories were posted yesterday with a build of 14 million barrels of oil, the analyst added.
“This would represent the largest increase in stocks if the EIA [Energy Information Administration] data published later today confirms the API number since the data was compiled back in 1982.”