Electricity and Gas Price Trends – 16th February 2024 to 23rd February 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
16/02/2024
63.730
23/02/2024
61.030
MOVEMENT
-4.42%
TERM
2 Year
16/02/2024
65.700
23/02/2024
63.270
MOVEMENT
-3.84%

TERM
3 Year

16/02/2024
66.660

23/02/2024
64.610

MOVEMENT
-3.17%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

16/02/2024
67.547

23/02/2024
63.817

MOVEMENT
-5.84%

TERM
2 Year

16/02/2024
70.458

23/02/2024
67.793

MOVEMENT
-3.93%

TERM
3 Year

16/02/2024
71.489

23/02/2024
68.739

MOVEMENT
-4.00%
SUMMARY
Following days of stagnation, gas prices dropped in the later part of the week amid an increase in gas flows from Norway.

This together with a consistent level of wind buffeting UK shores, buoyed by above average temperatures for the time of the year all helped reduce our demand for gas.

A steady supply of LNG also helped. The latest shipping signals indicate that up to five laden vessels could arrive on British shores by February 29th, with three vessels already berthing on 20th February. This comes in addition to three further LNG cargoes that arrived last weekend weekend.

Additionally, well-stocked continental storage likely helped ease supply concerns. Data from Gas Infrastructure Europe shows that EU facilities currently sit at over 65% full, a substantial 12% higher than the five-year average.

In other news, the UK government has confirmed they will be withdrawing from the 1994 Energy Charter Treaty due to the limitations the agreement has on their push to net zero. The UK now joins nine other EU counties including France and Spain in their decision to withdraw from the arrangement.

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 23/02/2024

Overall the average price of Electricity has down by 156.01%
Overall the average price of Gas has gone down by 142.03%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT
Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT
Latest Wholesale Gas Prices

 

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