NEW YOUR WEEKLY ENERGY MARKET REPORT Welcome back to those who have been following our weekly report and welcome to all new visitors. To follow us and to read the detailed weekly report on energy intelligence click here
In this week’s energy market report, we can see that the UK’s gas system opened long on Friday morning, with healthy levels of Norwegian and European continental flows reported. More people have started to work from home in the last few weeks which means that forecasted demand levels for domestic consumers has been underestimated by National Grid. The announcement from Boris Johnson yesterday was that stricter measures are now being put in place to stop people from leaving their homes, unless it is absolutely essential.
Temperature forecasts have predicted cooler weather in the last few weeks, however there was warmer weather at the weekend which is expected to continue for the foreseeable future. High levels of renewable yesterday have aided downward movements with Wind generation currently making up 29% of the generation stack.
GBP was up against the Euro and the Dollar this morning following the UK government’s decision to lower interest rates to a 325-year low – from 0.25% to 0.1% to attempt to keep the UK economy afloat as COVID-19 continues to dampen domestic spending and economic forecasts.
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