Investment Companies Daily: UK Power Prices, CLDN NAV, BRAI issuance permission

Research evidence excerpt

Investment Companies Daily: UK Power Prices, CLDN NAV, BRAI issuance permission

C A Z E N O V E Europe Equity Research

07 July 2026

Investment Companies Daily

UK Power Prices, CLDN NAV, BRAI issuance

permission

• Forward UK electricity prices - It has now been just over three weeks since European Investment Companies

AC the US-Iran war ceasefire and UK forward electricity baseload prices (Figure Christopher Brown

1UKforwardelectricityprices(£/MWh)) for the next 12 months have declined 6% compared to the prices prevailing (44-20) 7134-4722

at the day prior to the ceasefire although remain 29% higher than the prices that christopher.brown@jpmorgan.com

prevailed prior to the outbreak of the war. UK wholesale electricity prices are Adam Kelly, CFA

closely linked to gas prices due to gas generation being the technology that sets (44-20) 7742-9526

the clearing price for a large proportion of the time. Forward UK gas prices adam.kelly@jpmorgan.com

J.P. Morgan Securities plc

(Figure 2UKforwardgasprices(pence/therm)) for the next 12 months are down 11% compared to the day prior to

the ceasefire and 34% higher than the prices prevailing prior to the outbreak of Investment companies Research

the war. In both cases the forward prices decline significantly if looking beyond homepage -click here

12 months although remain elevated compared to the pre war prices. While

negative for UK economy as a whole, and for consumers, the forward curves

suggest that the renewable energy infrastructure companies under our Largest movers over the last week (%)

coverage are likely to continue to benefit from being able to strike new fixed Partners Group Private Equity -11.8

contracts at higher prices than at the start of 2026. For reference, the three JPMorgan EMEA Emg Mkts -7.0