|Open those valves|
Centrica, a company of mixed virtues (check the tag for past examples) but always exceptionally shrewd in its purchasing - of assets as well as commodities - has just taken the opportunity to back up the truck to Qatar for a big contract roll-over, which is intelligent. They'd already done the same with Gazprom last year.
Interestingly, for the first time in years gas-fired power plants are back in-the-money (hence all the big coal-plant closures this year). It's not so surprising in the UK with our 'carbon price floor' (a tax devised by Osborne) which boosts gas at the expense of coal. What's more surprising is that there is a small window of gas being in-the-money in Germany, where they still have only the perennially depressed Emissions Trading Scheme carbon price to contend with. That really is somewhat unexpected, and probably won't last for long into the coming winter as gas prices rise, both seasonally and with the time-lagged effect of the upward nudge to oil prices since January (Germany still buying a bunch of gas at oil indexation).
This is real energy business, and to hell with Hinkley and the EU 'Energy Union'!