Electricity and Gas Price Trends – 4th August 2023 to 11th August 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
04/08/2023
107.28
11/08/2023
113.28
MOVEMENT
+5.30%
TERM
2 Year
04/08/2023
110.23
11/08/2023
113.55
MOVEMENT
+2.92%

TERM
3 Year

04/08/2023
106.61

11/08/2023
108.90

MOVEMENT
+2.10%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

04/08/2023
113.665

11/08/2023
122.708

MOVEMENT
+7.37%

TERM
2 Year

04/08/2023
120.837

11/08/2023
126.159

MOVEMENT
+4.22%

TERM
3 Year

04/08/2023
117.598

11/08/2023
120.413

MOVEMENT
+2.34%
SUMMARY
We have seen rises the past week due to prospect of strikes in Australia.

You may ask why the prospect of a strike in Australia could possible affect UK wholesale gas prices but if Australia strike, it would mean that all the countries normally supplied by Australia would start to compete for the same LNG cargoes, originally destined for Europe.

LNG Cargoes on the open seas will divert to the highest bidder. It’s as simple as that!

Fortunately, with the current jet stream affecting temperatures in the UK demand is below seasonal norms, which has helped the situation a little.

This just highlights the worldwide problem as we all scrabble for the same commodity. There are more influencers to drive the prices up currently and this will unfortunately be the case as we approach colder autumn and winter months. With the current period of relative price stability we would encourage you to consult with your EAL Account Manager to check prices for your business ASAP.

We also have lots of useful news articles that will help you form a much more rounded view of the energy sector before you make a decision on your next energy contract.

Wholesale Price Change 01/01/2022 to 11/08/2023

Overall the average price of Electricity has down by 44.05%
Overall the average price of Gas has gone down by 31.31%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT
Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT
Latest Wholesale Gas Prices

 

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