Electricity and Gas Price Trends – 17th May 2024 to 24th May 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
17/05/2024
77.870
24/05/2024
87.420
MOVEMENT
+10.92%
TERM
2 Year
17/05/2024
78.640
24/05/2024
86.370
MOVEMENT
+8.95%

TERM
3 Year

17/05/2024
76.520

24/05/2024
82.770

MOVEMENT
+7.55%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

17/05/2024
87.006

24/05/2024
97.712

MOVEMENT
+10.96%

TERM
2 Year

17/05/2024
89.276

24/05/2024
97.117

MOVEMENT
+8.07%

TERM
3 Year

17/05/2024
84.280

24/05/2024
91.275

MOVEMENT
+7.66%
SUMMARY

Restricted volumes and a drop in wind generation spurred gas prices in the second part of the week, as natural gas prices were once again lifted higher.

Outages at Norwegian and British gas facilities likely played as the prime source of support, data from offshore operator Gassco shows that both the Troll and Kollsnes facilities were taken offline for unplanned maintenance on Thursday which forced prices up. Furthermore, National Gas data shows the Barrow terminal was also taken offline during the same period.

Additionally, a drop in wind-generated power on Thursday played further into the bullish sentiment. According to data from National Grid, wind-output dropped by more than 18% day-on-day, prompting increased reliance on gas-fired demand which subsequently increased by 12% when compared to the same period.

Long after the majority of Russian pipeline flows were halted back in 2022, a court ruling between state-owned Gazprom and an (as yet unnamed) company threatens to jeopardize some of the last remaining westbound Russian gas exports. Austrian operator OMV warned on Wednesday that essentially all of Austria’s pipeline exports could be suspended by the decision, which in turn has the potential to impact European storage injections ahead of winter as Austria will also need to source gas from the same sources and draw on the same reserves.

In other news, news that the lead contractor of the ‘Texas LNG’ export facility, Zachry Holdings, has filed for chapter 11 bankruptcy protection. The $10 billion facility was set to come online as early as 2025 but this now seems unlikely, knocking hopes of rising US LNG exports in the near-term.

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 24/05/2024

Overall the average price of Electricity has down by 88.51%
Overall the average price of Gas has gone down by 69.49%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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