Bloomberg News

U.K. Natural Gas Falls as Belgian Imports Reach Two-Year High

November 26, 2012

U.K. natural gas for within-day delivery declined for the first time in seven days as imports from Belgium jumped to the highest in almost two years. Day- ahead power dropped.

The contract fell as much as 3 percent, the most since Nov. 1, according to broker data compiled by Bloomberg. Imports from Belgium were at a rate of 42 million cubic meters a day, the highest since December 2010, National Grid Plc (NG/) data show.

Gas for today dropped 1.25 pence, or 1.9 percent, to 66 pence a therm at 9:14 a.m. London time. Month-ahead gas lost 1.2 percent to 67.7 pence a therm. That’s equivalent to $10.84 per million British thermal units and compares with $3.84 per million Btu of front-month U.S. gas.

Imports from Norway were at a rate of 102 million cubic meters a day, National Grid data show.

The delivery network will contain 343 million cubic meters of gas at 6 a.m. tomorrow, up from 335 million at the start of today, grid data show.

Gas accounted for 28 percent of U.K. power production at 9:15 a.m., National Grid data show. Coal generated 43 percent, nuclear 16 percent and wind 6 percent.

Day-ahead electricity dropped 4 percent to 48 pounds a megawatt-hour, broker data show.

RWE AG (RWE) started three 400-megawatt units at its natural gas- fired Pembroke power station, and three 500-megawatt plants at its Didcot-A site, according to National Grid data. Electricite de France SA delayed the start of the 625-megawatt unit 7 at its Heysham-2 nuclear reactor to Dec. 4 and started the 600-megawatt unit 1 at its Heysham-1 reactor, the company said.

To contact the reporter on this story: Matthew Brown in London at mbrown42@bloomberg.net

To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net


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