Flagship Energy’s Tejal Shah Energy Markets Update – 27th March 2024

Tejal Shah, Head of Trading & Risk at Flagship Energy provides a market update

Renewed geopolitical concerns caused prices to spike towards the end of last week and Monday after a rise in attacks on energy infrastructure in Russia and Ukraine. Ukraine has been maintaining high electricity imports for the last few days after generating and transmission facilities were hit. Ukrainian gas storage facilities were also affected but the situation was under control and market concerns now appear to have faded. With the winter season about to end in a few days, storage levels remain at high around 59% full and milder temperatures are on the way. Despite the ongoing geopolitical risks and lower LNG send outs the market continues to trade in its recent range but off its highs. UK summer-24 baseload price has increased from £55/MWh at the end of February to £63/MWh, a 15% movement in the space of a month, indicating volatility in the markets has not disappeared.

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