2004 was an interesting year in that many of the long power companies reappeared to seek profits, as the lows seen in 2002 and 2003 were put in history drawers. Suppliers for ten years have been preaching that power prices would rise and finally they have been proved right in 2004. Highs reached over £45/MWh for Winter 2005 baseload and genuine prompt supply fears hit both the gas and power market in August and September. NISMs were called by NGC (Notices of Insufficient Margin) and this played into the hands of the genuine demand side bidders. Other concerns in 2004 were the spark spreads traditionally placed between £2 and £5.50, this is due to change in 2005 with the introduction of carbon trading which will hit the bottom line of the spark spread trader.