A relatively good week for Energy

A relatively good week for Energy as we saw prices nudge slightly downwards. Storm Ashley battering the UK resulted in heavy wind-powered electricity production over the weekend. The total outcome was that 38% of our power was generated by wind, compared to 29% from gas. Gas supply during the week was inconsistent, with some smaller outages observed in Norway. As gas demand remained around seasonal averages, storage was called upon, resulting in levels dropping below last year’s amount. Temperatures also stayed above seasonal averages, so it was somewhat surprising that gas demand, particularly for LDZ heating, remained elevated considering the trend of low demand over the last 12 months & longer-term electricity prices fell by 3% from the end of the previous week.