If we look closely at the way gas prices have been behaving we can see that Q3 is priced around the same levels as Q2 this is expected. With perhaps the usual funnies associated with August when the interconnector goes out of action for two weeks of maintenance.

However, if we look closely at power prices they are not behaving at all similarly to gas prices with  Q3 £3 more expensive than Q2 the spark spread as a result has widen dramatically to around £10, and July is more expensive than September. It is clear that the power players are pricing in history and looking at what happened last year and knowing that one of the Q3 months is likley to spike. Which one is anyones guess at this stage but is probably understandable why players are being cautious.