Activity Survey 2014

The NBP market was characterised in 2013 by low daily volatility, narrow summer-winter spreads and the almost complete erosion of the former ‘risk premium’ in forward winter prices. However, we still saw a sharp spike in day ahead prices in late March 2013 at a time of cold weather, low stocks and a brief interruption in interconnector imports. This has not been repeated in the winter of 2013 to 2014, which has so far proved to be milder than normal.

1

2

Figure 30: Day Ahead and Front Winter NBP Prices

100

3

Day Ahead Front Winter

90

80

4

70

60

50

5

40

30

6

20

Gas Price (pence per therm)

10

7

0

Source: ICIS Heren

8

9

10

11

page 39

Made with FlippingBook - Online Brochure Maker