Market Insight and News
In May we saw unseasonably warm weather in the UK and the forecast which predicted an increased usage of air conditioning was correct. Towards the end of the month, there were improved solar forecasts but the month closed on a drop in solar generation. The amount of electricity produced by solar photovoltaic (PV) output in Great Britain hit a new record, producing 8.7GW at around midday on Friday, 26 May. This was 0.22GW higher than the previous record set earlier in the month.
The nationwide upgrade of the Xoserve gas settlement system was cleared for live launch on 1 June. The switchover resulted in some delays for customers switching supplier, with estimates of around three additional days being required to complete the process. The Organization of the Petroleum Exporting Countries (OPEC) met in Vienna on 25 May to review the oil market outlook for the remainder of 2017. The outcome of the meeting was that the supply cuts would be extended for another nine months, taking the deadline of the deal through until March 2018. Production cuts were not as large as desired or expected and the price of oil fell 4.5% in response to the announcement.