Electricity and Gas Price Trends – 14th June 2024 to 21st June 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
14/06/2024
84.370
21/06/2024
82.530
MOVEMENT
-2.23%
TERM
2 Year
14/06/2024
82.670
21/06/2024
81.470
MOVEMENT
-1.47%

TERM
3 Year

14/06/2024
80.290

21/06/2024
79.320

MOVEMENT
-1.22%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

14/06/2024
94.652

21/06/2024
94.031

MOVEMENT
-0.66%

TERM
2 Year

14/06/2024
92.591

21/06/2024
93.022

MOVEMENT
+0.46%

TERM
3 Year

14/06/2024
87.221

21/06/2024
87.978

MOVEMENT
+0.86%
SUMMARY
The wholesale market was a very mixed bag of highs and lows this past week with a slight decrease on the price of electricity and a marginal increase on the price of gas.

Lacklustre LNG send-out likely served as key source of pressure for the increases at the front-end with data collated from National Gas showing that LNG flows averaged at a rate of just 8mcm/d on Wednesday, down by around 60% when compared to the same date last year. At the same time, only 2 laden vessels have berthed at UK terminals so far in June, trailing well behind the 5 vessels that had already arrived in the same period last year as elevated cooling-demand for the fuel in Asia continues to divert cargoes away from Europe.

Thursday served as a key test of the landmark 12th June arbitration ruling in Stockholm. The ruling, which concluded that Russia’s Gazprom Export owed Germany’s Uniper €13 billion in damages due to lost revenue after the Nord Stream pipeline was taken offline (presumably permanently). Furthermore, it was stipulated that Uniper could legally acquire this sum by seizing payments from other European firms who still have active contracts with Gazprom Export. So far Uniper has not opted to seize payments from these firms but if they did this would severely risk the continuation of Russian flows into the EU.

The markets breathed a sigh of relief on Friday as Russian-EU flows held steady. In a statement from Austria’s OMV AG (one of the continents last remaining importers of Russian pipeline gas) the operator confirmed that they were unaware of any changes to flow nominations via the Sudzha entry point, suggesting that Russian supply will be uninterrupted for now.

In other news, the EU has agreed its 14th package of sanctions against Russia, focusing on tying up loopholes regarding trans-shipments of LNG and also aiming to limit European firms abroad from accessing the SPFS banking system that was established by Russia and it’s allies after the 6th round of sanctions banned most major Russian banks from accessing the universal SWIFT system.

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 21/06/2024

Overall the average price of Electricity has down by 98.76%
Overall the average price of Gas has gone down by 76.31%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT
Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT
Latest Wholesale Gas Prices

 

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