NSR PPA and Green Gas Markets Pricing Update:

As expected, Solar generation is performing strongly across North West Europe this week.

• Solar in the UK was already delivering over 15% of the demand requirement earlier today.
• Belgium Power traded close to negative €300/MWh yesterday on weak demand and renewables.
• UK Power prices were also sharply negative through HH periods yesterday.
• NBP and TTF Gas is stable this morning.
• European gas storage injections continue with inventories now approaching 40% full levels.
• On the LNG side China has re-exported more than 285 thousand tonnes over the last month.
• This would be the highest volume ever driven by weak domestic demand and robust inventories after a mild winter.
• Carbon EUAs have held up well despite some weakness in gas last week.
• EUAs are currently around €65.8/ton.

Update 29/04

Good morning

Quick update on European power outages yesterday:

1. Limited impact on UK system pricing. We peaked at around £200 MWh yesterday evening.
2. European grids hit by low inertia as a result of high solar and limited “turbine spinning” ie traditional power station/ CCGT….
3. This resulted in a “Frequency event”.
4. High solar in a “Shoulder season” perhaps has bigger impact…
5. This morning the restart is well under way with Spain back at over 95%.

Jamie Banks
PPA Manager at New Stream