Electricity and Gas Price Trends – 6th October 2023 to 13th October 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
06/10/2023
98.720
13/10/2023
124.17
MOVEMENT
+20.50%
TERM
2 Year
06/10/2023
100.38
13/10/2023
121.96
MOVEMENT
+17.69%

TERM
3 Year

06/10/2023
98.830

13/10/2023
116.56

MOVEMENT
+15.21%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

06/10/2023
106.311

13/10/2023
139.911

MOVEMENT
+24.02%

TERM
2 Year

06/10/2023
110.321

13/10/2023
135.934

MOVEMENT
+18.84%

TERM
3 Year

06/10/2023
108.008

13/10/2023
127.014

MOVEMENT
+14.96%
SUMMARY
Wholesale prices have spiked significantly this past week amid global tensions born from the conflict in Israel and strike threats in Australia.

Prices across the curve posted substantial gains with the biggest movements once again seen to the November 2023 front-month contract, which surged by more than 0.58p/kWh when compared to its previous settlement.

Supply concerns served as a prime source of concern due to ongoing global tensions. The Israel-Hamas conflict which has already resulted in the suspension of operations at the Tamar gas field, threatens to impact LNG vessel routes particularly to Asian markets.

This will mean that Asia will look to source LNG from other sources which would have ordinarily been destined for European shores. Combined with the upcoming strike-action from Australian workers supply, this has just added to concerns of maintaining a stable global gas supply, as again Australia is key supplier of LNG into Asia.

This upward pressure has also been supported by increases on the carbon market. At the time of writing (12pm on 13/10/2023) day ahead gas prices have continued to surge today with the Summer-24 contract trading at over 0.17p/kWh above its previous close.

Some suppliers have started to pull from the market. Sadly, expect big increases to retail prices this coming week.

See previous editions of the weekly price trends update by clicking here.

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 13/10/2023

Overall the average price of Electricity has down by 33.35%
Overall the average price of Gas has gone down by 20.37%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT
Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT
Latest Wholesale Gas Prices

 

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