Electricity and Gas Price Trends – 8th December 2023 to 15th 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
08/12/2023
90.110
15/12/2023
82.080
MOVEMENT
-9.78%
TERM
2 Year
08/12/2023
91.190
15/12/2023
83.650
MOVEMENT
-9.01%

TERM
3 Year

08/12/2023
90.280

15/12/2023
83.830

MOVEMENT
-7.69%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

08/12/2023
100.764

15/12/2023
90.292

MOVEMENT
-11.60%

TERM
2 Year

08/12/2023
102.107

15/12/2023
93.732

MOVEMENT
-8.94%

TERM
3 Year

08/12/2023
99.610

15/12/2023
92.352

MOVEMENT
-7.86%
SUMMARY
Wholesale prices continued their downwards trajectory during the week amid good gas supply fundamentals and forecasts of unseasonably low demand.

Robust supplies and high storage levels continued to help shrug off supply uncertainty as European markets move deeper into their second winter without the bulk of Russian pipeline flows.

On the LNG front, data from National Gas shows that LNG send out is strong, with the latest shipping signals indicating that as many as 9 laden vessels could berth at British terminals over the next 10 days, helped by disruptions at the Panama Canal with a high number of spot cargoes being diverted toward European markets.

Downward revisions to demand forecasts across the next couple of weeks may also have helped ease supply fears. The latest run of our 14-day demand model shows that demand will average well-below seasonal norms until at least 28th December, likely on the back of milder temperatures forecast across much of Western Europe.

At the time of writing the market has eased further. Now could be the best time to consider a new energy contract as suppliers are now factoring in the latest price drops in their retail pricing.

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 15/12/2023

Overall the average price of Electricity has down by 93.79%
Overall the average price of Gas has gone down by 75.45%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT
Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT
Latest Wholesale Gas Prices

 

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