Electricity and Gas Price Trends – 20th September 2024 to 2nd October 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
20/09/2024
72.66
02/10/2024
79.55
MOVEMENT
+8.66%
TERM
2 Year
20/09/2024
72.40
02/10/2024
77.51
MOVEMENT
+6.59%

TERM
3 Year

20/09/2024
71.22

02/10/2024
75.02

MOVEMENT
+5.07%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

20/09/2024
85.445

02/10/2024
96.963

MOVEMENT
+11.88%

TERM
2 Year

20/09/2024
84.461

02/10/2024
94.266

MOVEMENT
+10.40%

TERM
3 Year

20/09/2024
82.017

02/10/2024
89.25

MOVEMENT
+8.10%
SUMMARY

Prices have increased this past week as demand continues to sit above the seasonal average mixed with increased tensions in the Middle East.

Higher LNG flows may have helped to offset supply concerns in the Middle East amidst the ongoing conflict.

According to data from National Gas, British LNG send out saw a 3 fold increase on average for the week to really help with ever present and increasing geopolitical pressures.

Despite this increase in supplies the system remained predominately undersupplied as demand continues to hold above seasonal norms. LNG fundamentals are looking positive on the whole, with the arrival of the Orion Sun from Qatar last Wednesday and 2 further vessels signaling for UK terminals on Friday (data from Milford Haven port and shipping signals).

This morning, the Summer 25 front-season contract has opened at a small discount of circa 1.5p/therm (0.05p/kWh) despite last night’s reports of a large Iranian strike on Israel that BBC reports cite as being in the region of 180 missiles.

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 02/10/2024

Overall the average price of Electricity has down by 108.39%
Overall the average price of Gas has gone down by 72.88%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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