Energy prices update

Posted on

November 29, 2017

Posted in

The Energy Networks Association (ENA) has released its strategy on how energy innovators can work with network companies to deliver £1.7bn of benefits to the UK energy sector.

The ENA strategy, published as it initiated the consultation phase for its Electricity Network Innovation Strategy, outlines a roadmap around a range of short to long-term innovation plans that aim to meet the sector’s challenges.

The plans and roadmap identify how third-party innovators can swiftly identify opportunities for new projects and ways in which energy network companies can extract most value from innovation projects through by sharing information and knowledge gained.

The strategy points to the benefits gained by network operators collaborating more on addressing strategic issues, including connection of renewable generation and smart-meter roll-out.

Power market moves

The UK power market rose in response to cooler weather and rising gas costs.

Energy price rises have been driven by cold weather forecasts and November set to be 2 degrees C cooler than average this week, with the start of December colder still, with higher demand as a result. The weekend contract gained the highest of all NBP products, 1.75p/th, with wind generation set to drop off by about 50% to 3.5GW through Friday.

Market data from SSE indicates that the far curve came off slightly, more interpolation from the prompt and near rather than other commodity influences, as oil and coal settled relatively flat albeit at marginal discounts.

However, NBP system long and prices are off as physical flows are above forecast. Dec-17, Jan-18 and Q118 are all discounted by more than 1.5p/th, and with Brent trading lower still and coal opening below last night’s close, seasons are also bearish; S-18 reduced by 0.75p/th last traded.

The Keystone pipeline is flowing again at reduced pressure after it was closed following a leak of 5,000 barrels worth of oil. The pipeline transports 590,000 barrels per day from Canada to the US.

Best tariffs

OPEC and non-OPEC associations meet on Thursday, with analysts suggesting that global rebalancing should occur around Jun-18 at the earliest, if parties comply with production reductions. Russia is not a member but has announced support for the agreements for only six months rather than nine. In Jan-18, the Sakhalin-1 project is set to increase output by more than a quarter of a million barrels a day, that will increase pressure on restrictions.

SaveMoneyCutCarbon can ensure that you are on the very best tariff for your utility supply contract is one service we offer, where material savings can often be delivered at no cost to you. At the very least, it is good to check that your existing supplier is providing the best prices in the everchanging utility market. As part of this mission, we have partnered with Fidelity Energy who provide a market-leading platform for us to access best tariffs on energy and gas supply.

Learn more here:

Contact Tony Richards to make sure you are on the best utility deals – Call on 01284 337 422.



Sign up for exclusive discounts

and the latest product news