Prices edge higher amid falling wind output
NBP gas prices edged higher on Monday amid falling wind output and onset of planned maintenance at key Norwegian plants responsible for piping gas to the UK.
Most near-curve contracts posted modest gains of approximately 1.5p/therm (0.05p/kWh) compared to their previous settlements as the winter delivery season came to an end.
According to data from National Grid, wind turbine output declined sharply from 10.9GW on Friday to just 3.0GW across Monday’s gas day.
This, in turn, bolstered gas-fired (CCGT) power generation, which rose from 5.5GW to 12.1GW over the same period, accounting for around 44% of the generation stack on Monday.
The onset of Norwegian planned maintenance later in the week may have served as an underlying source of support.
Data from operator Gassco indicates that offline capacity will rise from 14.6mcm today to 82.4mcm on Wednesday due to reduced operations at the Aasta Hansteen field and the major Nyhamna facility, which processes gas bound for the Langeled interconnector with Great Britain.
This morning, gas prices are relatively unchanged, with the new Winter 25 front-season contract being offered very much in line with its previous settlement, at time of writing.
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Price commentary courtesy of Crown Gas and Power 