Prices rebound as new heatwave drives demand

NBP gas prices rebounded upwards slightly on Tuesday after struggling to find support below 90p/therm.

Exports via the UK’s BBL, IUK, and Moffat interconnectors averaged a combined 69mcm/d throughout the session—the highest level recorded since August 2024—as a new heatwave drives temperatures (and consequently cooling-related power demand) sharply higher across continental Europe, significantly more so than in Great Britain.

An unplanned outage at the UK’s Perenco Dimlington facility, caused by a compressor issue, removed 4.7mcm from the system during the session, further tightening the supply and demand balance by reducing processing capacity for the six fields that feed into it.

A similar upward trend was observed in power prices, driven by increased cooling demand across the continent, which in turn boosted gas-for-power demand.

This coincided with a sharp decline in renewable generation, which fell to a 22.8% share—down from 38.2% on Monday. Heatwaves also tend to constrain nuclear output due to efficiency and safety concerns.

France, home to the world’s second-largest nuclear fleet and a key player in balancing the power systems of neighbouring countries, has been among the most affected by the soaring temperatures.

If you want to see more information on the wholesale market trends subscribe to our weekly report here.

Price commentary courtesy of Crown Gas and Power Power report courtesy of Crown Gas and Power

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