The Haven Power Market Report is a weekly pricing report that analyses and explains energy market fluctuations over the past 7 days.
For a more in-depth analysis from the company’s Flex & Portfolio Management team, speak to Haven Power directly on 01473 707755 quoting reference HP250.
Secure and Promote* (Season +1, +2, +3, +4) baseload contracts lost on average £0.15/MWh over the course of the week. This is in contrast to gains seen over the past few weeks, which can be largely attributed to increases in equivalent gas contracts. Prices reached their weekly high on Thursday afternoon, following the announcement of the first UK interest rate hike in over a decade. This caused pound sterling to shed value against the euro, therefore increasing the relative cost of fuel imports. However, on Friday the pound bounced back slightly, assisted by bearish sentiment in the coal and French power markets.
The average day-ahead baseload price was up around £1.20/MWh on the previous week, at £47.30/MWh. The main drivers were wind output, temperature and National Balancing Point (NBP) gas contracts. The maximum price of £49.32/MWh was for delivery on Friday 3rd November, with relatively low wind output – less than 3GW – for the rest of the day. The cheapest delivery day was Wednesday 1st November, when the price was £44.91/MWh.
Cashout prices over the week averaged £45.87/MWh. No negative prices were recorded for the week and the maximum price of £117.98/MWh was achieved on Monday 30th October, when some coal generation was brought on. These prices are in stark contrast to last year, when on 3rd November they reached £862/MWh.
Renewables and other
Average wind output was fairly low over the week, at 4.47GW. Sunday 5th November saw the most wind output (though probably not enough to cause havoc with firework displays!), at 8.03GW. Mean solar output over the week was 0.7GW.
*For more information about Secure and Promote, please consult this Ofgem web page.
Although all reasonable efforts have been made to verify the information in this report and provide the highest possible accuracy, no warranty, express or implied, is given by Haven Power Limited in respect of this information. Furthermore, the provision of this report does not constitute advice of any kind and should not be taken as the basis for any commercial or financial decisions. Any such decision should be made on the basis of your own records, knowledge and perception of power market data, supplemented with appropriate independent expert advice when required.
This is a promoted article.