Energy prices climbed further through mid-January as colder weather, reduced imports, and low storage levels drove fresh gains in short-term contracts across gas and power markets.
Short-term power prices surged during the cold snap, supported by a sharp rise in demand and a drop in imports from Europe.
Extended nuclear outages in France and the UK, including Flamanville and Torness, tightened supply and added upward pressure to prices.
Lower wind generation during key periods reduced renewable output, increasing pressure on the overall power system during peak demand.
UK gas prices rose again, fuelled by colder temperatures and a significant uptick in consumption compared to late December.
EU storage levels fell more sharply than usual, with withdrawals now well ahead of last year and stocks nearing 50% full, adding to supply concerns.
Asian LNG prices also increased, but stable supply to Europe, particularly from the US, helped cap upside in long term contracts.
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