Electricity and Gas Price Trends – 29th December 2023 to 5th January 2024


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
29/12/2023
85.760
05/01/2024
84.380
MOVEMENT
-1.64%
TERM
2 Year
29/12/2023
87.170
05/01/2024
85.170
MOVEMENT
-2.35%

TERM
3 Year

29/12/2023
86.690

05/01/2024
84.800

MOVEMENT
-2.23%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

29/12/2023
87.584

05/01/2024
86.025

MOVEMENT
-1.81%

TERM
2 Year

29/12/2023
90.669

05/01/2024
88.462

MOVEMENT
-2.49%

TERM
3 Year

29/12/2023
89.247

05/01/2024
87.001

MOVEMENT
-2.58%
SUMMARY

Although prices are down slightly this past week, this trend masks what could be future price increases over the next 2 weeks amid forecasts of unseasonably cold weather.

Our latest 14 day demand forecast model indicates that demand will lift above seasonal norms from 6th January until at least 18th January, likely on the back of higher heating-related demand.

Plentiful storage levels however likely helped to keep prices in check. Data from Gas Infrastructure Europe shows that aggregated EU storage levels stand at just under 86%, which is 2.5 percentage points above the same date last year.

News of yet another attack on a commercial vessel travelling through the Red Sea (bound for the Suez Canal) this week also created an element of tension with Brent Crude and WTI Crude benchmarks posting gains.

With the wind also dropping in the second part of the week, the UK has started to rely more heavily on burning gas to generate its electricity.

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 05/01/2024

Overall the average price of Electricity has down by 90.14%
Overall the average price of Gas has gone down by 85.440%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

Back to Price Trends

Our Supplier Panel

The Energy Advice Line is the UK's leading online price comparison and switching service dedicated to small and medium sized businesses in the UK.

Our online quotation engine has been designed to facilitate speedy but accurate commercial electricity and gas prices – all at the click of a button to allow you to search the market for the lowest prices from an extensive panel of suppliers and contract options.

Customers Love Us !

Say 'No' to cold calling on business energy

Unfortunately, business electricity and business gas customers in the UK are bombarded with unsolicited cold calls on a daily basis.

This unscrupulous approach does not offer the business energy customer an impartial view on the market and the price offered is more often 20-30% above the current retail price for electricity or gas.

At Energy Advice Line we strongly advise customers to not accept these offers and follow our simple steps to ensure that they are not locked into an uncompetitive contract.

Join our cold calling campaign here, and spread the word to say 'no' to cold calling on business energy!

Say No To Cold Calling on Business Energy