Gas prices forced up amid attacks on Ukrainian infrastructure

Attacks on Ukrainian infrastructure and a bullish wider energy complex combined to lift gas prices on Monday.

Contract prices across the curve continued their upwards trajectory with the Winter-24 contract posting some of the largest moves of the session, gaining 0.09p/kWh when compared to its previous settlement.

News of missile attacks sustained to Ukrainian energy infrastructure perhaps played as a key source of support. According to state ran operator Ukrenergo, recent attacks on power systems has caused blackouts across major cities and seemingly reignited concerns to European supply security.

Further support perhaps came from strengthening oil and carbon futures. ICE data shows that the EUA benchmark contract gained a huge €3.5/tonne when compared to the previous session; equally the Brent Crude benchmark contract gain almost $1.5/barrel when compared to the same period.

This morning gas prices have opened relatively in line with their previous closing prices at time of writing.

The UK is currently consuming 32.56 GW’s of electricity at the time of writing (10:30 – 11:00).

Wind is currently contributing just 3.46 GW’s (10.05%) of the UK’s electricity generation at the time of writing. Gas is currently contributing significantly more at 12.26 GW’s (35.59%) of the total.

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