Electricity and Gas Price Trends – 18th October 2024 to 25th 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
18/10/2024
79.84
25/10/2024
84.36
MOVEMENT
+5.36%
TERM
2 Year
18/10/2024
77.11
25/10/2024
80.43
MOVEMENT
+4.13%

TERM
3 Year

18/10/2024
75.13

25/10/2024
77.36

MOVEMENT
+2.88%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

18/10/2024
96.476

25/10/2024
102.604

MOVEMENT
+5.97%

TERM
2 Year

18/10/2024
92.642

25/10/2024
97.675

MOVEMENT
+5.15%

TERM
3 Year

18/10/2024
89.395

25/10/2024
94.104

MOVEMENT
+5.00%
SUMMARY

Gas pipeline maintenance and a bullish carbon futures pushed wholesale prices higher this week.

Offline production capacity in Norway continued to serve as an underlying source of the increases and with no wind the past week, the UK has become very reliant on it’s gas storages to meet demand.

According to data from operator Gassco, output at the Sleipner B platform continued to cause the main issues. Furthermore, a compressor failure at the Oseberg field removed an additional 11mcm and in the later part of the week and it’s currently unclear when either of these outages will be resolved.

Sharp gains on Europe’s primary carbon benchmark also added to the bullish sentiment. The recent lull in wind power across the continent may have also contributed to increases to short term (December 24) prices, with sizeable gains of circa 2.7% posted on Thursday (data from ICE).

In other news, in a move that could further tighten UK LNG imports, the Egyptian General Petroleum Corporation (EGPC) is reportedly intending to purchase 15-20 cargoes of LNG for delivery in Q1 2025, which will take much needed capacity away from the rest of the market. This is not welcome news especially as UK LNG imports continue to fall substantially so far in October when compared to the same period in 2023.

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 25/10/2023 to 25/10/2024

Overall the average price of Electricity has down by 40.94%
Overall the average price of Gas has gone down by 32.79%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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