Innovative Energy Consultancy Ltd
Innovative Energy Consultancy Ltd

February Markets Update


  • Demand levels are forecast to increase strongly over the coming weeks as a result of colder weather and low renewable power generation.
  • Gas prices have continued to rise throughout January, with the one-year forward price for commercial gas closing at 47.98 ppt on 29th January (an increase of 3.98 ppt since the end of December).



  • The price of commercial electricity also continued to rise this month. With market-close data on 29th January placing the one-year forward price at £55.73/MWh.
  • As reliance on fossil fuels rises due to weak wind generation and colder weather, power continues to find some support from the rising gas market.


  • Brent displayed a rise throughout January, buoyed by falling inventories and hopes of a swifter global economic recovery, with prices currently sitting at $55.5/b.
  • Global oil demand slows rising prices due to halted vaccine rollouts and renewed travel restrictions throughout the UK.


  • Last years’ statistics show UK coal imports slumped 30% year on year in the first 11 months of 2020, totalling just 4.8m tonnes (down from 6m tonnes over the same period in 2019).
  • Outlook for 2021 remains uncertain as cold weather caused coal demand to spike throughout January and the UK Government gives go-ahead to a new coal mine off the coast of Whitehaven.
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