Energy price update

Energy price update 2018 Q3: world events pushing prices up

A good example of several events worldwide contributing to an increase in prices.

With wind generation dwindling in recent weeks, solar power is taking over as the main renewable generator.

However, the fall in wind generation led to the grid being undersupplied. National Grid asked several generators to increase production, notably both Dinorwig and Ffestiniog storage hydro, and West Burton coal-fired power station. The grid also decided to import more electricity from the interconnectors, mainly from the French interconnector.

Brent Crude oil price rose above $74 per barrel, largely due to a cancellation of crude oil shipments by Saudi Arabia, following attacks on two tankers.

Coupled with industrial action at offshore plants and trade tensions between China and the US, means gas and electricity prices in the UK will continue to rise. The Bu Samra tanker will deliver a shipment of LNG at South Hook today to inject more gas into the system.


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