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Utility SwopShop Weekly Market Insights Week Ending 28th March
Gas
The NBP spot edged 0.2% higher at approximately 98 p/therm on Thursday due to colder temperatures, though gains were limited by lower gas-fired demand. On the forward curve, the Summer 2025 contract rose by 0.5% to 99.59 p/therm, supported by reduced LNG volumes expected in Q1 2025. Meanwhile, northwest Europe is set to miss its winter gas storage target under all forecasts, despite a projected 7% increase in summer LNG deliveries.
Power
The UK spot power price dropped by more than 20% to 69.64 GBP/MWh on Thursday, driven by a sharp rise in wind generation. At the same time, the UK Summer 2025 power contract declined by 1.5%, settling around 83 GBP/MWh, in line with falling carbon prices.
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