Gas prices in Europe fell on expectations of an increase in wind generation

LONDON, Sep 23 – PRIME. On Friday, natural gas exchange prices in the UK and the Netherlands are lower due to forecasts for an increase in wind power generation next week. In addition, consumption is expected to be less than expected in northwestern Europe.

Near-term natural gas futures in the Netherlands around 0810 GMT traded near the flat line at 187 euros per MWh. The November contracts decreased in price by 2.25 euros, to 202 euros per MWh.

Contracts for next day delivery in the UK lost 5p to 245p a term. October contracts traded flat at 290 pence a term.

Cooler temperatures are expected in northwest Europe next week. However, forecasts for the end of the coming week have been revised towards a slight increase in air temperatures.

According to Refinitiv Eikon, gas consumption to generate electricity for households in the UK will exceed normal levels, while consumption in Europe remains below the seasonal norm.

UK wind power generation is expected to pick up next week, which could dampen demand for gas from power plants.

Peak wind power generation in the UK is likely to be 4.1 gigawatts on Friday and 5.5 gigawatts on Saturday, for a combined capacity of around 20 gigawatts, according to Elexon.