Electricity and Gas Price Trends – 15th December 2023 to 21st 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
15/12/2023
82.080
21/12/2023
82.970
MOVEMENT
+1.07%
TERM
2 Year
15/12/2023
83.650
21/12/2023
84.450
MOVEMENT
+0.95%

TERM
3 Year

15/12/2023
83.830

21/12/2023
84.450

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

TERM
1 Year

15/12/2023
90.292

21/12/2023
87.487

MOVEMENT
-3.21%

TERM
2 Year

15/12/2023
93.732

21/12/2023
90.830

MOVEMENT
-3.19%

TERM
3 Year

15/12/2023
92.352

21/12/2023
90.110

MOVEMENT
-2.49%
SUMMARY
Prices were divided this week as strong wind output eased day ahead prompt prices while a slump in LNG send-out towards the end of the week meant that prices increased further out.

According to data from National Gas, wind-generated power saw an uptick of over 33% day-on-day on Wednesday and Thursday. The surge in output subsequently reduced reliance on CCGT (combined cycle gas turbine) offtake which saw a drop of 73% when compared to earlier in the week, likely reducing pressure to prompt prices.

However, additional data from National Gas shows that LNG send-out fell by more than 31% in the week, likely increasing prices to near-dated contracts.

Prices further out followed a similar sentiment, potentially lifted by a strengthening carbon market. Data from ICE shows the EUA benchmark contract moved up circa 3.75/tonne on Wednesday, the largest session-on-session gain since the 3rd March.

At the time of writing gas prices have continued their upwards momentum with the Summer-24 contract last offered circa 0.1p/therm above its previous settlement.

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 21/12/2023

Overall the average price of Electricity has down by 92.02%
Overall the average price of Gas has gone down by 80.65%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT
Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT
Latest Wholesale Gas Prices

 

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