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UK day-ahead power prices little changed amid mild weather, bearish NBP

London — UK day-ahead power prices were mixed to slightly lower on Monday, mirroring weakness seen on the NBP spot gas market, while healthy wind supply and mild weather forecasts further weighed on the prompt.

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Baseload power for Tuesday was last heard trading at GBP32.40/MWh, 5 pence above Friday's assessment for Monday, while the Tuesday peakload power contract shed 55 pence to change hands at GBP36.20/MWh before the Platts 11 am London time close.

On the N2EX and APX exchanges, the UK base day-ahead auction cleared more than GBP1 below the OTC spot prices at GBP31.10/MWh on Monday.

According to National Grid, peak wind power output is forecast at 6.1 GW on Tuesday, falling below Monday's expectations of nearly 7 GW. At the same time, peak power demand is expected to rise to 49.4 GW on Tuesday, compared with 47.3 GW on Monday, the grid said.

However, steady gas, nuclear and coal plant availabilities is likely to keep the system well supplied. Surplus margins on Tuesday is set to reach 11.2 GW, compared with 10.5 GW predicted for Monday, the grid data showed.

At midday Monday, gas-fired power plants generated 12.6 GW of electricity, accounting for 32% of the UK's energy mix.

Nuclear stations produced more electricity than coal plants on Monday, contributing 7.5 GW (19%) to the grid, whereas coal plants generated 6.5 GW (16.6%) of power, the grid data showed.

Electricity from UK wind onshore and offshore wind farms reached 5.7 GW at midday Monday, beating initial forecasts of 4.7 GW for the same settlement period, the grid said.

Imports from France stood at nearly 2 GW through the UK-French IFA interconnector, while the Dutch imports was just shy of 1 GW at 982 MW, the grid said.

On the NBP hub, the within-day and day-ahead gas contracts slipped lower to 29.80 pence/therm and 30.05 p/th respectively, compared with Friday's day ahead assessment of 30.45 p/th.