Gas prices ease further amid higher wind output

Gas prices continued to ease on Tuesday amid higher wind output and plentiful storage levels.

Downward momentum continued into the third consecutive session since Friday, with both the front-month and front-season contracts posting downside of circa 0.07p/kWh when compared to their previous close.

Strengthening wind power generation likely added weight to contracts at the front-end. Data from National Grid shows that wind turbine generation increased from 2.9GW to 7.0GW when compared to the previous gas-day, coinciding with a 36% decrease in demand for CCGT (Combined Cycle Gas Turbine) generation across the same period.

On the storage front, continental facilities have already reached 62% full, this is a reassuring 4 percentage points above the same date last year, which is potentially supporting confidence in long-term supply security (data from Gas Infrastructure Europe).

In other news, Norwegian operator Equinor reported that it’s Hammerfest LNG facility had been shutdown and evacuated due to a gas leak on Tuesday, no injuries were reported but the plant is anticipated to remain offline until Friday.

Prices have opened slightly higher this morning, although many contracts have yet to trade at time of writing.

The UK is currently consuming 34.49 GW’s of electricity (11:30 – 12:00).

Windy conditions persist today with wind turbines currently generating 7.38 GW’s (20.00%) of the UK’s total electricity with gas only slightly higher at 7.82 GW’s (21.19%) of the total.

If you want to see more information on the wholesale market trends subscribe to our weekly report here.

Back to the Latest News

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.

1 5 16 17 13 71 14 110 22 28 44 58 31 51 36 60 46 65 70 79 81

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