Electricity and Gas Price Trends – 22nd March 2024 to 28th March 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
22/03/2024
68.040
28/03/2024
70.580
MOVEMENT
+3.60%
TERM
2 Year
22/03/2024
69.460
28/03/2024
72.120
MOVEMENT
+3.69%

TERM
3 Year

22/03/2024
68.580

28/03/2024
71.120

MOVEMENT
+3.57%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

22/03/2024
73.010

28/03/2024
77.972

MOVEMENT
+6.36%

TERM
2 Year

22/03/2024
75.517

28/03/2024
80.288

MOVEMENT
+5.94%

TERM
3 Year

22/03/2024
73.474

28/03/2024
77.033

MOVEMENT
+4.62%
SUMMARY

Unplanned Norwegian maintenance and a bleak LNG outlook forced wholesale prices up this past week.

With the unscheduled works to the Norwegian Kollsnes gas facility and the news that no LNG vessels are expected to berth on British shores over the coming weeks, the market reacted.

However, an uptick in wind generated during the week helped to keep a lid on further price rises. Data from National Grid shows wind-output increased by a massive 70% when if we compare Tuesday with Wednesday which subsequently reduced the need for CCGT (combined cycle gas turbine) offtake which fell by more than 45% when compared to the same period.

In other news, missile attacks sustained to Ukrainian energy infrastructure also played as a key source of increases. According to state ran operator Ukrenergo, recent attacks on power systems has caused blackouts across major cities and seemingly reignited concerns to European supply security.

Further pressure also came from strengthening oil and carbon futures. ICE data shows that the EUA benchmark contract gained a huge €3.5 per tonne on Tuesday; equally the Brent Crude benchmark contract gained almost $1.5 per barrel during the same period.

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 28/03/2024

Overall the average price of Electricity has down by 126.19%
Overall the average price of Gas has gone down by 106.09%
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