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Indigo Swan Energy Report (1)

Wholesale costs for 2022 are very high, although there is better value later in the year. Contracts for 2023 and 2024 are considerably lower and do allow an opportunity to contract longer and reduce the shorter term % increases.

Prices continue struggle to find direction with considerable daily swings, depending on some key indicators but also the sentiment surrounding the outlook for a conflict with Russia. The threat of an invasion still exists with the potential to further disrupt Gas supplies. EU Gas Storage levels have fallen further, at 36% full compared to 48% last year, but there had been fears in the market that some cold spells across Europe could have seen a worse position. Germany
and the EU are both refusing to sign off the use of Nord Stream 2, at this time.

Gas continues to dictate Electricity prices as it has provided 24% of generation so far in February. However, this is significantly lower than the 40% in January, due to a high contribution from Wind at 37% from 23%.

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