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U.K. Gas Declines on Forecasts for Warmer Than Normal Weather

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Jan. 2 (Bloomberg) -- U.K. natural gas for next-day delivery fell as predictions for higher-than-average temperatures cut demand.

Day-ahead gas dropped as much as 1.4 percent, according to broker data compiled by Bloomberg. The low temperature in London will be 8 degrees Celsius (46 Fahrenheit) tomorrow, compared with a 10-year average of 3 degrees, CustomWeather Inc. data show.

Gas for tomorrow declined 0.3 pence, or 0.5 percent, to 61.8 pence a therm at 3:40 p.m. London time. Gas for February added 0.2 percent to 64.85 pence a therm. That’s equivalent to $10.57 per million British thermal units and compares with $3.22 per million Btu of front-month U.S. gas.

Demand in the 24 hours to 6 a.m. tomorrow will be 272 million cubic meters versus a seasonal normal of 304 million, National Grid Plc data show. The delivery system was predicted to contain 336 million cubic meters at the end of the period, little changed from the beginning, grid data show.

Imports from Norway were at a rate of 125 million cubic meters a day, compared with a 10-day average of 120 million, according to Gassco AS data. Net exports to Belgium were almost zero, Interconnector Ltd. data show.

Gas accounted for 28 percent of U.K. power production at 3:35 p.m., National Grid data show. Coal generated 40 percent, nuclear 18 percent and wind 7.5 percent, the data show.

Electricite de France SA’s Hartlepool-1 reactor is scheduled to halt for maintenance tomorrow until Jan. 12, according to the company’s website. The 605-megawatt unit was previously scheduled to halt yesterday. EDF said it will start its Torness-2 reactor tomorrow after an unplanned halt.

Electricity for the next working day fell 2.7 percent to 45.25 pounds a megawatt-hour, broker data show.

To contact the reporter on this story: Matthew Brown in London at mbrown42@bloomberg.net

To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net

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