- Gas prices dropped at the start of the month as a result of increased supply.
- Day-ahead closed at the end of October at 28.25p/th.
- Month-ahead dropped by 5.4%, settling at 40p/th at the end of October but increasing to 42.65p/th at the start of November.
- Day-ahead decreased at the start of the month by 2.9%, closing at £34.25/MWh last week.
- Month-ahead contract ended October at £47.55/MWh, significantly lower than a year ago, partly due to higher than expected temperatures.
- Day-ahead increased 8.3% in October, closing at £37.50/MWh while month-ahead decreased by 4.3% settling at £47.55/MWh. At the start of November, day-ahead was nearer £34.25/MWh with the month ahead at £48.96/MWh.
- The European Union is being urged to halt funding of fossil fuel projects including coal projects, on sustainability grounds. According to a report by the BBC, this would potentially cut £1.7bn of annual investments.
- Opec, the oil production group, announced at the start of November that it tends to reduce supply from 35m barrels per day to 32.8m by 2024.
- Coal prices fell again at the start of November because of strong supply and bearish signals from the Asia-Pacific region. The API2 contract closed the first week of November at USD 58.55/t, its lowest since September.
Carbon EU ETS
- The European Commission has said that the EU ETS has proved that ‘putting a price on carbon and trading in it can work’. In 2020, emissions from sectors covered by the system will be 21% lower than in 2005 and by 2030 they will be 43% lower.