Short-term prices tumble
The closure of the UK – Belgium gas interconnector meant gas exports were curtailed and there was more supply available to the UK. This factor pushed the day-ahead gas contract down 9% to a monthly average of 60.0p/th. Nevertheless, despite this fall, the contract is 10% higher than in the same period last year.
High wind speeds, warmer weather and falling gas prices helped to lower short-term power prices this month. The day-ahead power contract fell 3% month-on-month. Prices averaged £47.0MWh over the month, but reached a 2013-low of £44.0/MWh on 21 June.