The extension to Rough’s injection unavailability until at least the end of June was priced into the NBP second-quarter 2017 market quickly, but the ripples along the curve have been much smaller.
Centrica plans not to have any obliged capacity for the 2017-18 storage year and said last week that it would update Ofgem as part of a consultation process.
Much of the focus was on the NBP second-quarter 2017 contract, understandably given that Centrica said explicitly that injection services would not be available in this period.
But reading last week’s update at the same time as December’s consultation document paints a much bleaker picture for the future of Rough. Continue reading