European hub prices decline, with further falls likely

By Catriona Scott 22 February 2017
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Mild temperatures across Europe have weighed on demand and put pressure on hub prices. With average to above-average temperatures forecast to dominate over the coming week, further demand-side pressure on prices is expected.

The NBP day-ahead was down to around 46 p/th on Tuesday, representing a fall of roughly 7% over the past week. Strong output from wind generation dampened the UK’s requirements for gas-fired power at the start of the week. Warmer temperatures in much of the country also weighed on heating-related demand and hit overall consumption levels. Demand was below seasonal norms at the start of the week and is forecast to remain so on Wednesday. With the UK’s system forecast to be well supplied, day-ahead prices are likely to decline further.

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