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    NG.   GB00BDR05C01

NATIONAL GRID PLC

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EUROPE GAS-Prices mixed ahead of transit auctions, milder temperatures

10/15/2021 | 04:49am EST

LONDON, Oct 15 (Reuters) - European wholesale gas prices were mixed on Friday morning, with the Dutch month-ahead up slightly of transit auctions next week but British prompt prices down on oversupply and milder temperatures.

* The Dutch wholesale gas price for November rose by 2.49 euros to 100.00 euros per megawatt hour by 0758 GMT, having risen to 103.90 in earlier trade.

* Prices could be supported by another rise in Asian coal prices, as well as uncertainty about supply, with eyes on whether Gazprom books gas transit capacity in monthly auctions scheduled for Monday, traders said.

* However, there is room for some price correction after breaching some technical resistance levels yesterday, said analysts at Engie EnergyScan.

* Chinese coal prices have reached record highs as cold weather swept into much of the country and power plants scrambled to stock up on coal.

* Analysts at Fitch Solutions said they except energy price volatility to remain high through the winter, with prices expected to climb even further before pairing back in response to warmer weather.

* However, prices will stay substantially higher than long-term averages.

* "There is a high risk that prolonged or extreme weather events could see stockpiles remain lower than average for longer, setting the stage of continued high energy prices throughout 2022 at least, adding to the risk of energy consumption curtailment at the expense of economic output," Fitch Solutions added.

* In the UK market, the day-ahead price was down 6.73 pence at 2.30 pounds per therm, while the weekend contract was 6.00 pence lower at 2.29 pounds/therm.

* In both Britain and north-west Europe, temperatures are forecast to rise slightly above seasonal norms and increase further next week, which could dampen heating demand, Refinitiv Eikon data showed.

* The UK system was over-supplied by around 34 million cubic metres. There is higher send-out of liquefied natural gas than recently, weaker exports and stronger wind output forecast.

* In Britain's power market, National Grid said on Thursday it expects its 2-gigawatt power link with France, which has been offline for an extended outage, to be running at half capacity a few days sooner than planned.

* The benchmark Dec-21 EU carbon contract dipped by 0.11 euro to 61.33 euros a tonne.

* The benchmark Dec-21 British carbon contract inched down by 0.24 pounds to 66.00 pounds/tonne.

* More than a million carbon permits were not sold at a UK auction last week and their sale will now be spread out across the next four auctions, the UK's Emissions Trading System (UK ETS) Authority said. (Reporting by Nina Chestney)


ę Reuters 2021
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Analyst Recommendations on NATIONAL GRID PLC
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Financials
Sales 2022 15 561 M 20 632 M 20 632 M
Net income 2022 2 364 M 3 135 M 3 135 M
Net Debt 2022 40 202 M 53 301 M 53 301 M
P/E ratio 2022 16,7x
Yield 2022 4,90%
Capitalization 37 184 M 49 167 M 49 299 M
EV / Sales 2022 4,97x
EV / Sales 2023 4,75x
Nbr of Employees 23 683
Free-Float 93,1%
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Technical analysis trends NATIONAL GRID PLC
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TrendsBullishBullishBullish
Income Statement Evolution
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Mean consensus BUY
Number of Analysts 16
Last Close Price 1 028,00 GBX
Average target price 1 052,67 GBX
Spread / Average Target 2,40%
EPS Revisions
Managers and Directors
John Mark Pettigrew Chief Executive Officer & Executive Director
Andrew Jonathan Agg Chief Financial Officer & Executive Director
Paula Rosput Reynolds Chairman
Adriana Karaboutis Group Chief Information & Digital Officer
Lisa M. Lambert Chief Technology & Innovation Officer
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