The power market in rather boring fashion hardly traded, with players not buying too far ahead but buying at any sign of a potential fall. The market is trying to guage how the system will cope with a slightly colder snap over the weekend and next week. Storms in winter with more wind suggest that this is the start of winter. There is no doubt that winter has traditionally started later and later. This only pushes players to hedge throughout the winter, particularly with the weather reports predicted.

Drax Europes largest generator has updated investors on their potential float on December 15th. They have had a number of bid approaches from constellation energy and a International Power and Mitsui consortium. They have rejected the IP and Mitsui bid, and are re-visiting the constellation bid. It is pretty clear that they are keen to float if they can, and the city is pretty keen to get real power exposure. If winter is cold and power prices push up, it would be a great time for Drax to float.