Electricity and Gas Price Trends – 1st December 2023 to 8th 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
01/12/2023
96.130
08/12/2023
90.110
MOVEMENT
-6.68%
TERM
2 Year
01/12/2023
97.250
08/12/2023
91.190
MOVEMENT
-6.65%

TERM
3 Year

01/12/2023
95.880

08/12/2023
90.280

MOVEMENT
-6.20%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

01/12/2023
105.808

08/12/2023
100.764

MOVEMENT
-5.01%

TERM
2 Year

01/12/2023
106.672

08/12/2023
102.107

MOVEMENT
-4.47%

TERM
3 Year

01/12/2023
103.832

08/12/2023
99.610

MOVEMENT
-4.24%
SUMMARY
The cold weather has still be a factor this past week but a high number of LNG cargoes docking at UK ports and a falling oil market helped reduce pressure on prices as we witnessed an increase in demand for energy across the UK.

It was a mixed bag of price movements mainly driven by changes to UK weather patterns but overall demand has been higher as the cold snap persisted with data showing that actual demand outpaced seasonal norms a number of times during the week.

High European storage levels definitely helped the situation. According to the latest data from Gas Infrastructure Europe, continental storage currently stands just over 93% capacity around 3% higher when compared to the same period last year.

Plentiful LNG supply also helped meet increases in demand, with the latest shipping signals indicating 9 laden vessels destined for UK ports are on the horizon. Data from the Port of Milford Haven shows 2 vessels are scheduled to offload volumes at the South Hook terminal at the end of the week.

In other news, planned maintenance at the Barrow North Terminal which has been ongoing since early September has been extended until the 9th of December. The maintenance, which is currently reducing gas flows by 6mcm/day was expected to conclude Thursday but has since been delayed according to a statement issued by National Gas on Thursday.

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 08/12/2023

Overall the average price of Electricity has down by 78.08%
Overall the average price of Gas has gone down by 60.31%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT
Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT
Latest Wholesale Gas Prices

 

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