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Indigo Swan Mini Energy Report September 22

✓ Gas and Electricity Wholesale prices eased over the last month.
✓ EU Gas Storage levels are an improved 84% full.
✓ Nord Stream 1 has closed for the foreseeable future.

Since our last Energy Report, Gas and Electricity Wholesale prices are lower. Costs for the remainder of 2022 and the first quarter of 2023 are very high. Although, 2023 and 2024 show better value, there is still a considerable premium, but does provide an opportunity to contract longer and reduce the shorter term % increases. Some energy suppliers are being very selective as to which contracts they will provide offers for.

Despite Nord Stream 1 remaining offline for the foreseeable future, EU Gas Storage levels have increased to 84% full, against an initial target of 80% by November. Government interventions across Europe to cap prices and a natural reduction of Gas consumption due to high costs, have provided an element of relief. LNG deliveries continue to arrive
as demand from China is dampened by lockdowns to tackle COVID infections. The US Freeport LNG facility is due back
online in November to provide additional shipments.

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