Wind is currently generating 2GW of power which is expected to increase throughout the day, with a peak of over 5GW this evening while nuclear has also tipped up slightly to 6.2GW.
That’s according to the daily market report from npower which suggests the UK power system is seeing “additional comfort” this morning, with the peak margin forecast to out-turn around 14GW today.
Looking at the gas system, Client Portfolio Manager Sarah Marshall said: “We’ve seen the line pack open in length this morning, currently forecast to close 13mcm long and this is adding pressure to the near term gas contracts. This comes as demand remains 10% below seasonal normal levels due to the mild weather and also a reduction in CCGT generation.”
Flows from the Langeled and BBL pipelines have also picked up to near capacity and an LNG tanker has been confirmed for the UK which is expected next weekend, she added.
Oil has lost a bit of ground, currently trading at around $107.4 a barrel “as it sees continued pressure due to the weak Chinese data released this week”.
Ms Marshall said: “Any losses are however capped due to the ongoing situation in Ukraine, with the Crimea referendum due on Sunday.”
She added: “We’ve also seen weaker carbon over the last couple of days which is also adding pressure to the curve. We could however see some support next week as there is the first auction for the EU and German due next week since the reduced volumes.”