Energy News: Forward Energy Market May 2023

Our economist Dominic Whittome shares the latest wholesale gas and electricity prices for power markets in the Energy Market May 2023.

Gas and electricity prices hit record highs last August and just as the October Year buying window was closing. Wholesale prices continued to fall in each case ever since. The Annual 2022 power contract price fell almost 80% over the subsequent 8 months though the forward curves of gas and electricity forwards have been pretty much flat-lining since February.

Oil markets also fell. The price reduction has been significant but limited in comparison to gas and power, weighed down by fears of a global recession and a – possibly transitory – surplus of embargoed Russian oil hanging over markets in South East Asia.

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Dominic Whittome

Dominic Whittome is an economist with 25 years of commercial experience in oil & gas exploration, power generation, business development and supply & trading. Dominic has served as an analyst, contract negotiator and Head of Trading with four energy majors (Statoil, Mobil, ENI and EDF). As a consultant, Dominic has also advised government clients (including the UK Treasury, Met Office and Consumer Focus) and private entities on a range of energy origination, strategy and trading issues.

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Prospect Law is a multi-disciplinary practice with specialist expertise in the energy and environmental sectors with particular experience in the low carbon energy sector. The firm is made up of lawyers, engineers, surveyors and finance experts.

This article remains the copyright property of Prospect Law Ltd and neither the article nor any part of it may be published or copied without the prior written permission of the directors of Prospect Law.

This article is not intended to constitute legal or other professional advice and it should not be relied on in any way.

Prospect is a multi-disciplinary practice with specialist expertise in the energy and environmental sectors with particular experience in the low carbon energy sector. The firm is made up of lawyers, engineers, insurance and risk management specialists, and finance experts.

This article remains the copyright property of Prospect Law Ltd and neither the article nor any part of it may be published or copied without the prior written permission of the directors of Prospect Law.

This article is not intended to constitute legal or other professional advice and it should not be relied on in any way.