Electricity and Gas Price Trends – 15th March 2024 to 22nd March 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
15/03/2024
67.840
22/03/2024
68.040
MOVEMENT
+0.29%
TERM
2 Year
15/03/2024
68.860
22/03/2024
69.460
MOVEMENT
+0.86%

TERM
3 Year

15/03/2024
68.840

22/03/2024
68.580

MOVEMENT
-0.38%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

15/03/2024
70.881

22/03/2024
73.010

MOVEMENT
+2.92%

TERM
2 Year

15/03/2024
73.697

22/03/2024
75.517

MOVEMENT
+2.41%

TERM
3 Year

15/03/2024
73.161

22/03/2024
73.474

MOVEMENT
+0.43%
SUMMARY

It was a tail of two halves this past week with rises in the first half and drops in the second half culminating in a slight upwards trend overall.

The increases were a direct result of an uptick in oil prices. Recent news reports suggest that as much as 900,000 barrels/day have been taken offline amid a fresh round of Ukrainian drone strikes which targeted Russia’s oil refining infrastructure over the weekend. Data from ICE shows the Brent Crude benchmark contract has climbed more than 3% since the onset of this latest wave of retaliatory strikes.

Gas capacity restrictions also affected prices as unplanned maintenance at the UK’s Barrow terminal and Norway’s Aasta Hansteen facilities combined to remove 13.5mcm/d of capacity across Monday’s gas-day.

The second part of the week saw a massive up-tick in wind generation which really help take away the reliance on gas for power. According to data from National Grid, wind power generation rose by more than 240% on Thursday when compared to the previous gas-day, limiting the contribution of gas-fired power plants within the power generation mix and marginally lowering total gas demand day-on-day.

With a low LNG delivery schedule forecast being a key area of concern, the market could be volatile again next week. As an example data from National Gas shows that LNG Send out averaged circa 11mcm/day last Friday, a decrease of more than 88% when compared to the same day last year amid a lull in European imports of the fuel.

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 22/03/2024

Overall the average price of Electricity has down by 134.68%
Overall the average price of Gas has gone down by 118.42%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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