Electricity and Gas Price Trends – 21st December 2023 to 29th 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
21/12/2023
82.970
29/12/2023
85.760
MOVEMENT
+3.25%
TERM
2 Year
21/12/2023
84.450
29/12/2023
87.170
MOVEMENT
+3.12%

TERM
3 Year

21/12/2023
84.450

29/12/2023
86.690

MOVEMENT
+2.58%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

21/12/2023
87.487

29/12/2023
87.584

MOVEMENT
+0.11%

TERM
2 Year

21/12/2023
90.830

29/12/2023
90.669

MOVEMENT
-0.18%

TERM
3 Year

21/12/2023
90.110

29/12/2023
89.247

MOVEMENT
-0.97%
SUMMARY
Subdued demand and a positive LNG outlook helped gas prices during the holiday period.

Key contracts once again posted the biggest losses with the February-24 contract falling circa 0.1p/kWh when compared to the previous settlement, likely helped by lower-than-average gas demand.

According to data from National Gas, actual demand was 8.3mcm below seasonal norms on average for the holiday period and subsequently contributed to an oversupplied system.

This was likely helped further from a strong LNG outlook, with the latest shipping signals indicate that eight laden vessels scheduled to arrive on British shores by the 9th January 2024.

However, the recent adverse weather from Storm Garret has prevented vessels from offloading cargoes, data from the Port of Milford Haven shows that up to five LNG ships have been delayed by strong winds.

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 29/12/2023

Overall the average price of Electricity has down by 86.28%
Overall the average price of Gas has gone down by 81.27%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT
Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT
Latest Wholesale Gas Prices

 

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