British and Dutch wholesale gas prices rose on Tuesday morning as forecasts for lower wind power lifted demand from gas-fired power plants.

The benchmark Dutch front-month contract at the TTF hub (TRNLTTFMc1) was up 0.35 euro at 32.12 euros per megawatt hour (MWh), or $10.83 /mmBtu, by 0926 GMT, LSEG data showed.

The British front-month contract (TRGBNBPMc1) was up 1.25 pence at 83.90 p/therm.

The British day-ahead gas price (TRGBNBPD1) was up 1.4p at 76.40 p/per therm.

“(In Britain) There is a significant wind lull expected for the weekend and into next week, increasing gas-fired power demand,” LSEG analyst Saku Jussila said in a daily research note.
British peak wind power generation is forecast at 21.1 gigawatts on Tuesday dropping to 12.7 GW on Wednesday, Elexon data showed.

“Weather on the short term is pointing towards the end of the windy period western Europe has been experiencing for the past 2-3 weeks,” analysts at Engie EnergyScan said in a daily research note.

In Northwest Europe, non-distribution zone gas demand, which includes demand from power plants, was forecast up 113 gigawatt hours/day at 2,362 GWh/day for the day ahead, LSEG data showed.

Supply was stable with total exports from Norway up 7 mcm at 333 mcm/day, LSEG data showed.

In the European carbon market, the benchmark contract (CFI2Zc1) was up 0.60 euro at 81.81 euros a metric ton.

EU climate ministers are meeting on Tuesday to try to pass a new climate change target for 2040 ahead of the U.N. COP30 summit in Brazil this month.
Source: Reuters