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UK GAS-Prices rise as wind power is set to slump

Wed, 26th Aug 2020 09:51

LONDON, Aug 26 (Reuters) - Prompt British wholesale gas
prices rose on Wednesday morning as an end to the recent strong
winds was expected to lead to much lower wind power output from
tomorrow, boosting demand for gas.

* The day-ahead contract was up 1.00 pence at
24.50
p/therm by 0943 GMT.

* Traders said expectations of stronger demand from gas
plants
helped to boost prices, despite the UK gas system being
over-supplied on Wednesday.

* Peak wind power generation is forecast at 13.1 gigawatts
(GW) on
Wednesday, falling to 2.3 GW on Thursday, Elexon data showed,
out of a total 18 GW capacity.

* Analysts at Refintiv forecast gas-for-power demand at 59
million
cubic metres (mcm) on Wednesday, rising to 64 mcm on Thursday.

* The forecasts were 28 mcm/d and 5 mcm/d higher
respectively than
the previous forecasts.

* "Day-ahead gas-for-power demand is 5 mcm/d up as UK wind
power
generation is expected to drop below the seasonal normal
tomorrow," the Refinitv analysts said in a daily research note.

* Britain’s gas system was around 12 mcm long, with demand
forecast at 153.3 mcm/d and flows at 165.4 mcm/day, National
Grid data showed.

* The September contract was up 0.35 p at 25.00
p/therm.

* The October contract was up 1.15 p at 27.25
p/therm.

* The day-ahead gas price at the Dutch TTF hub
was up
0.16 euro at 8.68 euros per megawatt hour.

* The benchmark Dec-20 EU carbon contract was down
0.05
at euro at 28.56 euros per tonne.
(Reporting By Susanna Twidale; editing by Nina Chestney)

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