Prices rebound from 16 month lows ahead of NATO-Ukraine summit
NBP gas prices rebounded from 16-month lows on Monday as key contracts ticked up during afternoon trade ahead of the NATO/Ukraine summit scheduled for later in the day.
The meeting of President Trump and several European leaders at the White House came just 3 days after the US-Russia summit in Alaska.
Trump pledged “very good protection” for Ukraine, though he stopped short of detailing what that would entail. Zelenskyy later said these guarantees would be formalised within 10 days.
The main takeaway was the proposal of a trilateral summit between Trump, Putin and Zelenskyy.
Similar gains posted across the baseload power curve as risk fed into the curve ahead of the meeting in Washington DC.
In other news, National Grid plc announced on Monday that the 300MW Thurrock BESS (Battery Energy Storage System) project had been energised.
National Grid claims that, with full capacity of 600MWh, Thurrock is capable of powering 680,000 homes. BESS is seen as crucial to balancing highly variable wind and solar generation and helping to improve the efficiency of the National Grid.
This new facility adds to the UK’s ability to store excess renewable energy to effectively be used at a later date when most needed, easing pressure on gas-fired power plants to keep the grid balanced.
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Price commentary courtesy of Crown Gas and Power 