Energy Market Review July 2016 Summary

By August 4, 2016Energy Consultant

June-Electrictry-graph

Electricity Wholesale – Average Annual Price (£/MWh)

Gas Prices rose dramatically at the beginning of the month with the announcement by Centrica that the Rough storage facility would be closed until April 2017 because of safety checks.  Prices, however, drifted back down as the month wore on.

Oil Prices dropped to $42 per barrel in July due to the United States having high stock levels.

Gas Wholesale – Average Annual Price (p/therm)

Gas Wholesale – Average Annual Price (p/therm)

Hinkley Point was also subject of an agreement to build the most expensive nuclear plant ever. The UK government, however, decided to shelve those plans and wait until the Autumn to make a decision.  China have a 30.5% stake in the project, therefore this delay may mean that they have a rethink on their involvement in the UK’s energy plans moving forward.