Electricity and Gas Price Trends – 11th July 2024 to 19th July 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
11/07/2024
77.000
19/07/2024
78.300
MOVEMENT
+1.66%
TERM
2 Year
11/07/2024
76.650
19/07/2024
77.440
MOVEMENT
+1.02%

TERM
3 Year

11/07/2024
75.320

19/07/2024
75.710

MOVEMENT
+0.52%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

11/07/2024
86.685

19/07/2024
89.969

MOVEMENT
+3.65%

TERM
2 Year

11/07/2024
87.239

19/07/2024
89.777

MOVEMENT
+2.83%

TERM
3 Year

11/07/2024
83.775

19/07/2024
86.050

MOVEMENT
+2.64%
SUMMARY

Overall, the price trend was up marginally for the past week but all daily changes were within a very tight range which meant that not many suppliers changed prices.

The week was a mixed bag of high wind output countering short term LNG outages and weaker gas flows from Norway.

The operator of the Texas based export facility indicated on Tuesday that it would be attempting the restart 1 of the terminals 3 liquefaction trains after operations seized on 7th July as the US Southeast braced for the landfall of Hurricane Beryl. The latest shipping signals show that only 1 laden LNG vessel has arrived at UK terminals so far in July. This is compared to 3 in June and 6 in May, as surging cooling-demand in East Asia and technical issues such as we are seeing in Texas continue to pull cargoes away from the (highly dependent) European market.

A sudden drop in Norwegian exports to the UK in the first part of the week also likely amplified the bullish sentiment. Data from offshore operator Gassco showed that nominations into the Easington and St Fergus terminals dropped from 76.8mcm to 65.9mcm between 14-16th July (-14.2%).

In other news, Asia has seen a reduction in demand for LNG amid the ongoing heatwave hitting parts of the continent. The reduction has helped to reduce the premium for LNG cargoes between EAX (East Asia Index) and its European counterparts, paving the way for a potential return of consistent LNG deliveries to the continent.

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 19/07/2024

Overall the average price of Electricity has down by 108.96%
Overall the average price of Gas has gone down by 82.43%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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