Daily (07.04.2020): European year-ahead power prices soared on Monday due to an aggressive increase in carbon prices

07/04/2020 11:11 Daily


Oil prices started the week on a back foot after a postponement to Thursday of a meeting between OPEC and its allies aimed at reducing the excess supply of black gold on the world market.

Hence, Brent crude for June delivery fell by $1.06, or 3.1%, to settle at $33.05 a barrel on ICE London. Meanwhile, U.S. WTI crude decreased by $2.26, or 8%, to end at $26.08 on NYMEX. The two benchmarks saw a recovery last Thursday and Friday due to signals of new production cuts sent by Russia and Saudi Arabia.


British wholesale gas prices experienced an upward movement on Monday, with the NBP spot edging 1.6% higher at 16.00 p/therm, due to  lower wind power output and weaker supply from Norway. On the curve, prices increased despite lower oil prices, with the gas price for year-ahead delivery jumping by 3.6% to 34.12 p/therm.

European spot electricity prices evolved differently on Monday, with the German day-ahead power price trading 16.8% higher 23.54 EUR/MWh amid an undersupplied system. Meanwhile, the equivalent contract in France was 0.3% lower at 16.78 EUR/MWh due to a milder weather. Year-ahead power contracts strengthened at the start of a new week, tracking firmer coal and carbon prices. Consequently, the German Cal’21 power contract jumped by 5.8% to 38.23 EUR/MWh, while the similar contract in France soared by 4.5% to 42.05 EUR/MWh.

EUAs expiring in 2021 climbed by 13.3% to 20.77 EUR/tonne due to a bullish market sentiment amid signs of a slowdown in coronavirus infections.

Diesel prices fall again on the back of easing global crude oil prices

21/09/2020 09:11:00

The recent fall in transport fuel prices comes in the wake of softening of global oil prices as an extended run of Covid-19 has depressed demand and created a glut in the market.


Turkey extends renewable energy support mechanism date

21/09/2020 09:03:00

If plant equipment is locally-produced, additional support for five years will be given starting from commission date


The Electrification Of UK Offshore Oil & Gas

21/09/2020 08:26:00

The British government has set a goal to reach net zero emissions by 2050. Electrification of oil and gas platforms on the UK continental shelf (UKCS) should play an important role in efforts to achieve this target, as a Rystad Energy analysis shows that UK oil and gas production will remain significant for decades to come. After a small decline over the next several years, output forecast to rebound to approximately 2 million barrels of oil equivalent per day by around 2035. UK emissions from oil and gas production in the North Sea are the highest among the region’s producers, reaching 13.1 million tonnes of CO2 in 2019, according to Rystad Energy emission data. Extraction emissions account for 10.1 million tonnes of CO2, with flaring making up the rest.