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One-year electricity price breaks £100/MWh

Electric 12 month prices broke through the £100/MWh yesterday, with another strong price hike. This was mainly in response to an LNG cargo that was heading to the UK, diverted last minute to Netherlands. It means the UK has received 0 shipments this month so far.

The positive news is that gas flows from Norway have improved, and has allowed us to see significant improvement in storage which is approaching 48% volume now. While this is a very promising sign, it still remains the lowest the levels have been at this time of year in recent history, with the markets seemingly still concerned with this. This morning, prices are currently trading sideways, consolidating its position, which is not a surprise after such a strong run up recently.