Friday the 31st January saw the news break that the UK was to remain a member of the EU ETS (Emissions Trading System) during the transition period out of Europe and that the UK would start to sell backlog supply from March.
The continued mild Winter weather and high wind power generation has led to storage facilities in the UK standing at 70.78% full, an increase of 20% than at this point last year, leading to further reductions in market prices – making now a very attractive opportunity to look to renew energy contracts in advance.
Oil markets are again weak in the face of demand fears and have again broken into fresh 3-month lows and are approaching close to 1-year lows as the coronavirus outbreak continues to disrupt supply chains, factory production and hampered refinery output. The Chinese central bank pledged to introduce several monetary policy measures to increase liquidity and shore up the world’s second largest economy, which may have comforted the markets somewhat.
To find out more, get in touch with Fox Energy, the TSA’s Energy Alliance Partner on 0800 488 0915 or email [email protected]