Little change to wholesale prices as market remains stable

Gas prices at the NBP remained rangebound on Thursday, with little change in underlying supply and demand fundamentals.

The unplanned outage at Perenco Dimlington was effectively replaced by new maintenance at Barrow (North Terminal), which removed approximately 6 mcm/d from the system due to a technical process issue.

Storage levels in Britain remain relatively low. As of Thursday, stocks stood at just 8.4 GWh- significantly below the 20.3 GWh recorded for the same date last year.

Baseload power prices have so far accrued net losses across this week despite poor renewable output across the same period.

The correlation between gas and power prices has been strong, due in part to consistently high levels of gas-fired generation within the power generation mix.

As gas plants compensate for low renewables, power prices remain closely tied to gas market movements.

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Price commentary courtesy of Crown Gas and Power