page 39
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.
Figure 30: Day Ahead and Front Winter NBP Prices
0
10
20
30
40
50
60
70
80
90
100
Gas Price (pence per therm)
Day Ahead
Front Winter
Source: ICIS Heren
1
2
3
4
5
6
7
8
9
10
11
