Electricity and Gas Price Trends – 16th August 2024 to 23rd August 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
16/08/2024
88.390
23/08/2024
84.580
MOVEMENT
-4.50%
TERM
2 Year
16/08/2024
85.970
23/08/2024
82.500
MOVEMENT
-4.21%

TERM
3 Year

16/08/2024
82.350

23/08/2024
79.250

MOVEMENT
-3.91%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

16/08/2024
105.650

23/08/2024
99.076

MOVEMENT
-6.64%

TERM
2 Year

16/08/2024
102.826

23/08/2024
97.052

MOVEMENT
-5.95%

TERM
3 Year

16/08/2024
97.671

23/08/2024
92.657

MOVEMENT
-5.41%
SUMMARY

Wholesale prices continued their downwards trajectory for most of the week helped by healthy European and UK gas storage levels and the easing of supply concerns thanks to Russian and Norwegian gas flows.

According to offshore operator Gassco, it was reported on Wednesday that the planned maintenance for late September at the Karsto facility had been revised down by circa 10mcm/d.

Additionally, reports showed that flows into continental Europe via the Sudzha pipeline have remained within normal expected volumes despite ongoing advances of Ukrainian forces into Russian territory.

In terms of gas storage levels, the latest data from National Gas shows that storage in Great Britain is currently at around 27.9 TWh which is more than 91% of listed capacity, not too far behind other major European consumers such as Germany (94%) and Italy (92%), though their capacity is comparatively much larger.

Furthermore, a weakening wider energy complex also helped reduce prices. According to ICE both the Brent Crude and EUA markets posted losses in the week, with carbon prices shedding circa €1/tonne and oil falling for its fourth consecutive session on Wednesday, plunging by a further $1.15/barrel.

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 23/08/2024

Overall the average price of Electricity has down by 96.330%
Overall the average price of Gas has gone down by 67.910%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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