Electricity and Gas Price Trends – 18th December 2024 to 3rd January 2025


Ingrid & Anders
Please find detailed below the latest weekly update on the wholesale electricity and gas relative in the UK.

WHAT HAPPENED TO PRICES LAST WEEK ?
ELECTRICITY WHOLESALE PRICE CHANGES (£/MWh)
TERM
1 Year
18/12/2024
80.51
03/01/2025
95.31
MOVEMENT
+15.53%
TERM
2 Year
18/12/2024
76.59
03/01/2025
87.70
MOVEMENT
+12.67%

TERM
3 Year

18/12/2024
73.82

03/01/2025
82.48

MOVEMENT
+10.50%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

18/12/2024
100.961

03/01/2025
119.557

MOVEMENT
+15.55%

TERM
2 Year

18/12/2024
95.074

03/01/2025
109.947

MOVEMENT
+13.53%

TERM
3 Year

18/12/2024
88.395

03/01/2025
99.287

MOVEMENT
+10.97%
SUMMARY

We have seen some significant gains on the wholesale market over the Christmas period due to end of the Russian-Ukrainian transit agreement mixed with much colder temperatures.

The end of the Russia-Ukraine transit deal dominated the news over the period and with no developments on a new deal to allow Russian gas into Europe, an already tight system will now come under increased pressure as these countries will now need to seek gas from other sources.

An outage at the Norwegian Hammerfest LNG facility on Thursday also added to the pressure pot of meeting demand. According to data from Gassco, a compressor failure resulted in a reduction of available volumes and is not expected to be resolved until the 9th January.

Additionally, colder weather continues to drive increased heating demand.

The latest 14-day forecast indicates that average temperatures are expected to drop below 0°C during this coming week, boosting demand throughout the 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 03/01/2024 to 03/01/2025

Overall the average price of Electricity has gone UP by 8.38%
Overall the average price of Gas has gone UP by 25.18%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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