Electricity and Gas Price Trends – 11th October 2024 to 18th 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
11/10/2024
81.870
18/10/2024
79.840
MOVEMENT
-2.54%
TERM
2 Year
11/10/2024
79.240
18/10/2024
77.110
MOVEMENT
-2.76%

TERM
3 Year

11/10/2024
76.550

18/10/2024
75.130

MOVEMENT
-1.89%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

11/10/2024
98.698

18/10/2024
96.476

MOVEMENT
-2.30%

TERM
2 Year

11/10/2024
94.657

18/10/2024
92.642

MOVEMENT
-2.18%

TERM
3 Year

11/10/2024
91.035

18/10/2024
89.3955

MOVEMENT
-1.83%
SUMMARY

Mixed moves on the wholesale market this past week, with the overall trend down with high storage levels and warmer weather but against a back drop of tight supplies.

On the storage front, overall EU gas reserves have now reached 95.05% which is around 3 percentage points above the 5 year moving average (91.98%) helping to bolster confidence in supplies ahead of the winter months (data from Gas Infrastructure Europe).

Revisions to gas demand forecasts may have also helped to unwind bullishness from Monday. The latest run of our 14-day model suggests that demand is now expected to hold below seasonal norms until Tuesday 22nd before lifting slightly above average until at least 29th October.

Offline Norwegian capacity had an affect on prices in the later part of the week, with data from Gassco showing that compressor failure incidents at the Troll and Gullfaks offshore fields combined to remove production capacity at a rate of 12.7mcm/d on Thursday. This resulted in the British system being predominately undersupplied throughout the day.

In other news, a sharp sell-off on the oil markets help reduce pressure on the market after news that OPEC downgraded their global oil demand forecast on relatively weak Chinese economic data. This, mixed with news that Israel would not target Iranian oil infrastructure as part of potential retaliatory strikes for Iran’s attack on 1st October definitely helped reduce pressure across energy markets.

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 18/10/2023 to 18/10/2024

Overall the average price of Electricity has down by 51.77%
Overall the average price of Gas has gone down by 40.66%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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