Market Insight

Datasets reproduced in partnership with
logo of energy scan

Mon, 22nd Jan ’24


  • No surprises today, with near-term delivery prices still soft off the back of Storm Isha’s contribution to renewables outputs, with wind generation at 48% and gas-for-power burn down at 22%.
  • Down the curve, seasonal contracts continue their downtrend with milder, windier conditions forecasted.
  • Geo-political risk persists in the form of Middle East escalations and lingering worries over supply disruption in the Red Sea/Suez Canal.
  • Monthly Day-Ahead averages are on target this month to achieve 79p/therm (or 2.7p/kwh).


  • Looking to the continent, European near-term delivery prices have plummeted, driven down by a steep rise in renewables outputs and higher temperatures expected to persist over the coming days.
  • Mild and windy weather will keep prices under pressure until at least Thursday when wind outputs are forecasted to fade.
  • Today’s overall bearishness of the wider energy complex hasn’t spared  the EUAs (European Carbon Allowances), with the Dec-24 benchmark contract testing the two-year low – driven in the main by anticipation of less need for thermal power plants.
  • Likewise, consensus is building that UKAs (UK Carbon Allowances) may settle as low £30/tonne this week at Wednesday’s auction.
  • UK electricity monthly Day-Ahead averages are on target this month to achieve £75/mwh (or 7.5p/kwh).



How can we help?

How can we help?