Another exciting week in the energy world. On Monday, there was a new high for the UK Baseload Summer-21. This price surpassed the previous peak achieved in January when there were concerns in the UK market regarding the supply of gas due to concurrent cold snaps in Europe and Asia.
This has been great news for customers as Limejump ensured that both new and existing customers took full advantage of the price peak, utilising our insight and agility to get the best price for customers and fixing in their power prices – adding 105MW to the platform.
Carbon keeps on climbing
This price spike has correlated with carbon prices, which continue to break price records. These spikes continue to be driven without any fundamental factors influencing the price. It will be interesting to watch how this pans out and whether these high prices will hold.
Metering behind the boundary point has been approved
We welcome the recent approval of P375, metering behind the boundary point, which comes into force in June 2022. This mod enables the full potential of Virtual Lead Parties (VLPs), but only from June 2022. Limejump plans to capitalise on VLP from the inception of P375 when the value of VLP will be realised through managing multiple assets behind the same meter. Limejump currently offers customers full and direct access to the Balancing Market via the Supplier route, instead of having to go through a third party.
Outlook for next week
The UK prompt power market is looking well balanced for next week, if marginally long. Temperature is forecasted to be at seasonal norms, but wind is looking to drop below expectations between Monday and Wednesday. This is being counteracted by a continual upwards supply of Nuclear, Biomass and CCGT’s. There will now be 3.8GW of Nuclear availability, a very steady base for the system to have.