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UK GAS-Prices rise with wind power output, temperatures set to dip

Wed, 6th Jan 2021 10:21

LONDON, Jan 6 (Reuters) - British wholesale gas price rose
on Wednesday morning as forecasts for lower output from the
country’s wind farms and cooler temperatures lifted demand for
gas.

* The within-day contract was up 1.00 pence at
56.00
pence per therm by 1009 GMT.

* The day-ahead contract was up 0.75p at 56.20
p/therm.

* Average temperatures in Britain were forecast at 1.8
degrees
Celsius on Wednesday, falling to -0.3C on Thursday, Refintiv
Eikon data showed.

* The forecasts were 0.6C and 2C respectively lower than
previous
expectations.

* Traders said demand had also increased from power
stations, with
wind power poised to drop and demand for electricity strong due
to the colder weather.

* Peak wind power generation is forecast at 5 gigawatts (GW)
on
Wednesday and 5.5 GW on Thursday compared with capacity of
almost 18 GW, Elexon data showed.

* "Wind power generation is expected to drop well below
normal
today and remain weak for the rest of the week, which will keep
UK gas for power demand high," analysts at Refintiv said in a
daily research note.

* The February contract was up 1.49 p at 55.40
p/therm.

* The day-ahead gas price at the Dutch TTF hub
was up
0.43 euro at 18.48 euros per megawatt hour.

* The benchmark Dec-21 EU carbon contract was up
0.63
euro at 33.59 euros per tonne.
(Reporting by Susanna Twidale. Editing by Mark Potter)

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