Electricity and Gas Price Trends – 10th May 2024 to 17th 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
10/05/2024
77.880
17/05/2024
77.870
MOVEMENT
-0.01%
TERM
2 Year
10/05/2024
78.650
17/05/2024
78.640
MOVEMENT
-0.01%

TERM
3 Year

10/05/2024
75.700

17/05/2024
76.520

MOVEMENT
+1.07%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

10/05/2024
87.466

17/05/2024
87.006

MOVEMENT
-0.53%

TERM
2 Year

10/05/2024
88.980

17/05/2024
89.276

MOVEMENT
+0.33%

TERM
3 Year

10/05/2024
82.777

17/05/2024
84.280

MOVEMENT
+1.78%
SUMMARY

Despite low demand fundamentals, gas prices moved up on later part of the week as LNG supply woes and Norwegian maintenance came into focus.

Constrained LNG supply served as a primary source of support, with data from National Gas showing that send out volumes (on Thursday) averaged at a rate of just 8mcm/d, which comes in stark contrast to the figure of circa 91mcm/d that was recorded for the same date last year.

News of an unplanned outage at the South Hook LNG terminal likely galvanised the upward sentiment, especially since the only cargo set to arrive at UK shores over the next 7 days, the ‘Gaslog Westminster’ was scheduled to arrive at this specific terminal early next week (data from GB REMIT and the Port of Milford Haven).

An upcoming surge in planned Norwegian maintenance may have served as a secondary source of increases with data from offshore operator Gassco showing that offline capacity will surge to 176.91mcm/d by the morning of Tuesday 21st May. Although this round of maintenance forms part of Norway’s essential summertime maintenance, any delays bringing assets back online would serve as unwelcome news for European Gas hubs especially after such issues were encountered last year.

In other news, reports of another overnight Ukrainian drone strike targeting Russian oil infrastructure have surfaced. This time one of the country’s largest oil refineries based in the Russian State(Krai) of Krasnodar has been taken offline due to a fire at the facility, the news came after the similarly important Volgograd refinery was shut down in a similar fashion earlier this week.

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 17/05/2024

Overall the average price of Electricity has down by 107.54%
Overall the average price of Gas has gone down by 86.10%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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