Gas Prices Drag Power Lower
Power and gas contracts continue to move lower. Brent crude oil reaches a new three-year high. Embedded benefits injunction rejected, Future Energy exits the market.
Last week showed continuing downward trends in nearly all near-term power and gas contracts. Seasonal power contracts also fell with Winter 18 and Summer 18 contracts dropping to their lowest levels in three months. There had been several disruptions to GB gas supplies towards the end of 2017 which attributed to the fall in power prices. There was also very good news for consumers this week as the High Court decided to reject Ofgem’s injunction application.