Electricity and Gas Price Trends – 27th October 2023 to 3rd November 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
27/10/2023
114.500
03/11/2023
106.550
MOVEMENT
-7.46%
TERM
2 Year
27/10/2023
112.170
03/11/2023
105.350
MOVEMENT
-6.47%

TERM
3 Year

27/10/2023
107.300

03/11/2023
102.160

MOVEMENT
-5.03%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

27/10/2023
135.970

03/11/2023
126.214

MOVEMENT
-7.73%

TERM
2 Year

27/10/2023
132.359

03/11/2023
124.416

MOVEMENT
-6.38%

TERM
3 Year

27/10/2023
123.959

03/11/2023
118.091

MOVEMENT
-4.97%
SUMMARY

Prices are down this week, but at the time of writing day ahead natural gas prices are heading back up amid fresh EU sanctions on Russian commodities.

This downward trend masks a lot of issues bubbling under the surface with the conflict in the Middle East, Norwegian outages and now fresh sanctions on Russia.

The news today of additional sanctions against Russia’s project Arctic LNG 2, the action threatens to increase further geopolitical tensions between the US and Russia and prompted a bullish response from an already sensitive market.

Further pressure has also come from adverse weather conditions caused by storm Ciaran which has delayed LNG cargoes berthing on British shores. According to Milford Haven Port data, the Cadiz Knutsen which was initially scheduled to berth at the South Hook No 1 terminal yesterday, has been pushed back and is now expected to unload volumes today (Friday 3rd November).

With this level of volatility, if you are in the window to make a decision on your next fixed term contract, we would advise speaking to your EAL account manager as soon as possible.

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 03/11/2023

Overall the average price of Electricity has down by 53.99%
Overall the average price of Gas has gone down by 31.51%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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