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Utility SwopShop Weekly Market Insights Week Ending 11th September
Gas
UK gas prices strengthened on Thursday, with NBP spot rising 3.9% day on day to 205.25 p/therm. A drone-related fire at a Russian Arctic gas-processing facility added to supply concerns amid ongoing disruptions to LNG flows through the Persian Gulf. On the forward curve, Win-26 contract increased 4% day on day to 198 p/therm, as low European storage levels and competition for limited alternative LNG cargoes maintained a premium on winter supply risk.
Power
UK power prices soared on Thursday, with UK spot base surging by 7.7% day on day to 176.00 GBP/MWh. The continued increase in European gas prices raised marginal thermal generation costs, supporting the prompt market. On the forward curve, UK Win-26 contract climbed 3.4% day on day to 158.61GBP/MWh, driven by higher gas and carbon prices and their impact on expected winter generation costs.
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