Electricity and Gas Price Trends – 17th November 2023 to 24th 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
17/11/2023
104.650
24/11/2023
107.480
MOVEMENT
+2.63%
TERM
2 Year
17/11/2023
104.930
24/11/2023
106.240
MOVEMENT
+1.23%

TERM
3 Year

17/11/2023
102.690

24/11/2023
103.440

MOVEMENT
+0.73%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

17/11/2023
119.100

24/11/2023
120.499

MOVEMENT
+1.16%

TERM
2 Year

17/11/2023
118.235

24/11/2023
118.980

MOVEMENT
+0.63%

TERM
3 Year

17/11/2023
112.917

24/11/2023
113.658

MOVEMENT
+0.65%
SUMMARY

Forecasts of cooler weather combined with bullish carbon futures put pressure on natural gas prices this past week.

The biggest gains were posted on prompt and near-curve contracts, with downward revisions to temperature forecasts helping to propel the December 23 front-month contract.

According to our 14-day demand forecast, gas demand is set to out-turn significantly above seasonal norms until at least 7th December, coinciding with reports of a cold snap across much of Western Europe over the same period.

In other news, UK energy regulator Ofgem yesterday confirmed that the Energy Price Cap for households will rise to £1,928 per annum for a typical UK home from 1st January, an increase of 5% or £94 when compared to the previous quarter.

As a business customer, the news on the price cap has no bearing on the decision you make on your next contract. Please speak to your EAL account manager if you require a refresh on prices as they are changing daily at the moment.

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 24/11/2023

Overall the average price of Electricity has down by 52.49%
Overall the average price of Gas has gone down by 37.31%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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