Electricity and Gas Price Trends – 24th November 2023 to 1st December 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
24/11/2023
107.480
01/12/2023
96.130
MOVEMENT
-11.81%
TERM
2 Year
24/11/2023
106.240
01/12/2023
97.250
MOVEMENT
-9.24%

TERM
3 Year

24/11/2023
103.440

01/12/2023
95.880

MOVEMENT
-7.88%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

24/11/2023
120.499

01/12/2023
105.808

MOVEMENT
-13.88%

TERM
2 Year

24/11/2023
118.980

01/12/2023
106.672

MOVEMENT
-11.54%

TERM
3 Year

24/11/2023
113.658

01/12/2023
103.832

MOVEMENT
-9.46%
SUMMARY
Although we have experienced much colder temperatures this past week, the market has come down a lot amid strong gas supplies hitting UK shores and a weakened carbon market.

The continuation of strong exports from Norway helped meet the increase demand.

On the LNG front, the latest shipping signals indicate that 4 laden vessels are on course to berth at British terminals across the next two weeks. This includes the Wudang which is scheduled to offload US volumes at South Hook terminal on Friday 01/12/2023.

A tumbling carbon market also helped with pricing further out. Data from ICE shows that the Carbon EUA benchmark contract fell to its lowest level since October 20th 2022.

However, the latest 14-day demand model shows that cold weather will continue to drive gas demand above seasonal norms until at least 14th December. At the time of writing (1pm on 01/12/2023) prices have started to rebound a little as the cold snap bites and with a lack of wind generation currently almost 60% of the all electricity generated in the UK is coming from gas. This current level of demand will start to put pressure on gas storage levels.

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 01/12/2023

Overall the average price of Electricity has down by 67.20%
Overall the average price of Gas has gone down by 53.30%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT
Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT
Latest Wholesale Gas Prices

 

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