Electricity and Gas Price Trends – 17th July 2023 to 21st July 2023


Ingrid & Anders
Please find detailed below the latest weekly update on the wholesale electricity and gas market in the UK.
WHAT HAPPENED TO PRICES LAST WEEK ?
ELECTRICITY WHOLESALE PRICE CHANGES (£/MWh)
TERM
1 Year
14/07/2023
105.36
21/07/2023
112.36
MOVEMENT
+6.23%
TERM
2 Year
14/07/2023
108.43
21/07/2023
115.47
MOVEMENT
+6.10%

TERM
3 Year

14/07/2023
105.27

21/07/2023
111.54

MOVEMENT
+5.62%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

14/07/2023
106.95

21/07/2023
119.95

MOVEMENT
+10.84%

TERM
2 Year

14/07/2023
114.522

21/07/2023
126.496

MOVEMENT
+9.47%

TERM
3 Year

14/07/2023
110.699

21/07/2023
122.415

MOVEMENT
+9.57%
SUMMARY
This past week we have have unfortunately seen increases on both wholesale electricity and gas prices.
The heatwave that continues to grip continental Europe likely played into bullish sentiment with excessive cooling demand continuing to divert supplies to gas-fired generators in order to keep up with high power demand.
Near-curve contracts may have also found support from a need to attract LNG cargoes; according to data from the Port of Milford Haven there are no vessels expected to arrive at the UK Dragon and South Hook terminals over the next 7 days.
Fortunately, an uptick in Norwegian gas imports likely kept a lid on prices.
Wholesale market volatility persists as we all compete for the same commodity. The main concern at the moment is consistency of supply. Couple this with unplanned spikes in demand and the market jumps, like this week.

Wholesale Price Change 01/01/2022 to 21/07/2023

Overall the average price of Electricity has down by 42.51%
Overall the average price of Gas has gone down by 31.46%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT
Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT
Latest Wholesale Gas Prices

 

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