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UK prompt power prices fall on lower fuel prices

London — UK day-ahead power contracts started the week on a slightly more bearish note Monday as underlying fuels were moderately lower on the day.

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Baseload power for Tuesday delivery was last heard trading at GBP33.55/MWh, down GBP1.35 from where Monday's price closed on Friday, while the peakload contract was heard at GBP35.50/MWh before Platts 11:00 am London time market close, down GBP0.50 on the day.

The day-ahead auction settled day-ahead base below OTC levels at GBP32.08/MWh, with peakload also quoted lower at GBP32.46/MWh, according to the N2EX and APX exchanges Monday.

"Day-ahead traded at GBP34.00 at the open but drifted down throughout the morning," a trader said.

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"It's a fairly quiet start to the week. Gas was a bit weaker and the curve was pressured a bit by weaker oil," the trader added.

UK spot gas prices were lower Monday morning as the system was well supplied. At 11:00 am London time, the within-day and day-ahead contracts were valued at 28.15 pence/therm and 28.35 p/th, down from Friday's day-ahead close of 28.50 p/th.

No major generation issues were reported as of late Monday morning. The 585 MW unit 2 at Hartlepool nuclear power station was brought back online at 10:02 am local time (0902 GMT) Sunday, operator EDF Energy said in a note.

Peak power demand on Tuesday was expected to be just over 40 GW and dip to around 38.5 GW on Wednesday before edging back up to 39 GW Thursday and Friday, according to system operator National Grid.

Wind output was forecast to peak at 2.92 GW on Tuesday, according to National Grid data at 1100 GMT Monday.

At around 1100 GMT Gas-fired power plants generated 19.2 GW of electricity, accounting for 50.5% of the UK's fuel mix, the grid said.

Coal-fired power stations generated 3.6 GW or 9.5%, while nuclear power output stood at 7.96 GW or 20.8% of total supply, the data showed. Wind power supply dropped to 1.48 GW, accounting for 3.9% of the UK's supply.