UK power and gas spot prices remain near record highs

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British wholesale gas and power prices remained near record highs early on Wednesday as cold weather and low import and storage supplies left the system tight.

Gas prices for delivery within the day were trading around 98 pence per therm at 0900 GMT, up around 5 pence since Tuesday morning. Prices for next-day delivery were up almost 5 pence to 97.50 pence per therm.

Britain’s gas demand was expected to be 357.2 million cubic metres (mcm) on Wednesday, almost 28 percent above the seasonal norm, according to National Grid.

With flows adding up to 376 mcm, the system was expected to be slightly oversupplied but largely because of further storage withdrawals, analysts said.

via UK power and gas spot prices remain near record highs | Reuters.

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