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UK GAS-Prompt prices rise as cold weather boosts demand

Reuters - UK Focus

* Demand 14 pct above seasonal norm

* Langeled pipeline imports dip

LONDON, Jan 13 (Reuters) - British spot gas prices rose on Wednesday as cold weather led to high demand from gas-fired power plants, leaving the system undersupplied.

Gas for within-day delivery gained 1.6 pence to 33.40 pence per therm at 0924 GMT, up 5 percent from the previous settlement.

Gas for day-ahead delivery rose 0.85 pence to 33.40 pence per therm.

With supply flows at about 323.6 million cubic metres (mcm) and demand expected to be 329.5 mcm, Britain's gas system was 5.9 mcm undersupplied, National Grid (LSE: NG.L - news) data showed.

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Wednesday's demand was 14 percent higher than the seasonal norm of 287.8, the data showed, which traders said was a result of cold weather and high demand for gas from power plants.

Britain's Met Office said temperatures would range between 3 and 9 degrees Celsius during the day on Wednesday, with freezing temperatures in many parts of the country overnight.

Gas-fired power plants supplied about 45 percent of the country's electricity on Wednesday morning, National Grid data showed.

EDF Energy's 550 megawatt Dungeness B-22 nuclear unit remained offline on Wednesday.

The plant was expected to return to service on Tuesday after a planned maintenance outage but is now expected back online on Wednesday evening, data on the company's website showed.

Imports from Norway via the Langeled pipeline dipped to about 60 mcm/day on Wednesday, compared with about 70 mcm on Tuesday, as more gas was exported to continental Europe.

Gas prices also rose further along the curve, with the Winter 16 contract up 0.53 pence at 34.38 pence per therm.

In the Netherlands, day-ahead gas at the TTF hub rose 0.18 euros to 14.23 euros per megawatt-hour.

In Europe's carbon market, the front-year EU Allowance price rose 0.20 euros to 7.35 euros a tonne. (Reporting by Susanna Twidale; Editing by David Goodman)