Monday, 1 November 2010

UK Electricity prices: Prompt eases on lower UK gas, despite nuclear outage

UK spot power prices eased Monday due to lower UK gas prices and warm
temperatures, while an outage at the 450 MW Heysham 1-2 nuclear reactor
Monday lent a bit of support to prices by late morning, said sources.

UK OTC baseload power for next-day delivery was assessed at GBP43.25/MWh by
12:00 London time, down GBP1 from where Monday was assessed on Friday.

Peakload traded at GBP48/MWh a few minutes before 12:00, after most volumes
went for GBP47/MWh, said a source.

On the N2EX wholesale power exchange, day-ahead base cleared at
GBP43.31/MWh, in line with OTC.

"It's bearish on the gas and the warm weather...there's nothing that could
make the price go up at the moment," a trader said. "The Heysham 1-2 outage
was too late to have any significant impact on the day-ahead, although the
price came up by end of play."

UK gas prices were bearish Monday
due to lower Continental demand and a well-supplied system, said traders.
Within-day gas was down 1.95 pence/therm to 44.75 p/therm, while day-ahead
was down by a less significant 0.45 p/therm, at 45.05 p/therm.

Temperatures in London will remain above the seasonal average this week,
peaking at 6 degrees Celsius above the norm Thursday, according to

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