The UK gas system is “still short” as a result of high exports to Europe.
That’s according to the daily market report from npower, which suggests the system is 6.5mcm short but is a “reasonably well-balanced supply and demand”.
Tim Carter, Client Portfolio Manager at the Optimisation Desk said the difference between the bid and the asking price of gas to Europe is still “healthy”. Exports through the Interconnector show a net of 47mcm.
Gas send out is flat compared to last week, with 34mcm nominated.
The power system is still comfortable as it has been peaking up to 13GW even though wind feed-in has been generating less than 500MW.
The combined cycle gas turbine (CCGT) is the main fuel source at the moment, making nearly 4GW more than coal.
The energy markets ended last week with a “net week-on-week loss”. The trading period was less volatile compared to recent months, with oil being the most unstable but looking to rise, Mr Carter added.