Electricity and Gas Price Trends – 31st January 2025 to 7th February 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
31/01/2025
99.74
07/02/2025
103.93
MOVEMENT
+4.03%
TERM
2 Year
31/01/2025
90.20
07/02/2025
94.50
MOVEMENT
+4.55%

TERM
3 Year

31/01/2025
83.77

07/02/2025
87.27

MOVEMENT
+4.01%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

31/01/2025
122.759

07/02/2025
129.759

MOVEMENT
+5.39%

TERM
2 Year

31/01/2025
110.68

07/02/2025
116.89

MOVEMENT
+5.31%

TERM
3 Year

31/01/2025
101.091

07/02/2025
106.391

MOVEMENT
+4.98%
SUMMARY

Prices continued to go up for a third consecutive week, with gains across the majority of curve pricing amid demand increases, depleted gas storage and geopolitical uncertainty.

Consistently high gas-fired power generation eating into low EU storage levels was a major factor as high system demand continues to divert volumes away from crucial storage re-injections.

According to data from National Grid, for the majority of the week the British power system has been notably gas dominated, as the cold snap bites.

Lack of win generation didn’t help the situation. On Thursday, CCGT (Combined Cycle Gas Turbines) contributed to 43.6% of the power mix across the gas-day, with wind accounting for less than half of this at just 20.7% over the same period.

Geopolitical concerns are likely serving as an underlying source of pressure for global energy markets. Rapidly evolving US Foreign Policy under the Trump Administration has triggered fears of a potential trade war in recent weeks with the BBC reporting on Monday that Trump had stated that he wouldn’t say there’s a timeline on increasing tariffs on EU goods sold into America, but it’s going to be pretty soon. This new element of uncertainty has triggered volatility not just across financial/currency markets but also for fuel commodities such as oil, natural gas, coal and subsequently electricity.

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 07/02/2024 to 07/02/2025

Overall the average price of Electricity has gone UP by 24.12%
Overall the average price of Gas has gone UP by 33.79%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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