Electricity and Gas Price Trends – 3rd May 2024 to 10th May 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
03/05/2024
76.570
10/05/2024
77.880
MOVEMENT
+1.68%
TERM
2 Year
03/05/2024
77.550
10/05/2024
78.650
MOVEMENT
+1.40%

TERM
3 Year

03/05/2024
74.990

10/05/2024
75.700

MOVEMENT
+0.94%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

03/05/2024
86.344

10/05/2024
87.466

MOVEMENT
+1.28%

TERM
2 Year

03/05/2024
87.947

10/05/2024
88.980

MOVEMENT
+1.16%

TERM
3 Year

03/05/2024
82.194

10/05/2024
82.777

MOVEMENT
+0.70%
SUMMARY

Despite the warm weather reducing demand gas prices shifted higher in the later part of the week as low LNG supply and bullish carbon futures came into focus.

A quiet LNG delivery schedule continues to serve as a source of support for contracts at the front-end, shipping signals indicate that only 2 vessels have arrived so far in May and the Port of Milford Haven arrival schedule suggests that no vessels are expected to berth over the next 7-day outlook.

According to data from National Gas, LNG send out averaged just 27mcm/d throughout Thursday’s session, which was only a fraction of the 95mcm/d figure recorded for the same day last year.

Later-dated contracts possibly traced bullishness in the carbon market, data from ICE shows that the Carbon EUA benchmark contract was lifted 2.2% from Wednesday to Thursday and subsequently closed at its highest level since 16th April 2024.

In other news, the UK’s generation mix is currently buoyed by a significant increase to the amount of electricity generated by solar farms. At the time of writing (12:30 on 10/05/2024) the UK is currently using 29.47 GW’s of electricity with solar contributing 7.85 GW’s (24.47%) of the total which is a significantly more than previous years.

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 10/05/2024

Overall the average price of Electricity has down by 108.25%
Overall the average price of Gas has gone down by 87.06%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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