Electricity and Gas Price Trends – 19th July 2024 to 26th July 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
19/07/2024
78.300
26/07/2024
77.730
MOVEMENT
-0.73%
TERM
2 Year
19/07/2024
77.440
26/07/2024
77.200
MOVEMENT
-0.31%

TERM
3 Year

19/07/2024
75.710

26/07/2024
75.570

MOVEMENT
-0.19%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

19/07/2024
89.969

26/07/2024
89.392

MOVEMENT
-0.65%

TERM
2 Year

19/07/2024
89.777

26/07/2024
89.401

MOVEMENT
-0.42%

TERM
3 Year

19/07/2024
86.050

26/07/2024
85.858

MOVEMENT
-0.22%
SUMMARY

The past week has seen the wholesale market continue to trade within a very narrow range at the NBP with strong wind output countering gas supply issues from Norway.

The biggest moves were once again posted at the front-end, as high storage and surging wind output countered short term supply woes with above-average European storage levels no doubt helping provide confidence and underpin the market.

The latest data from Gas Infrastructure Europe showed that continental stocks have now reached 83.52% full, which is slightly below the same date last year (84.16%) yet still well above the 5 year moving average of 72.34%.

A sudden uptick in British wind output in the later part of the week also helped reduce the need to use gas for power. Data from National Grid shows that wind turbine power saw a sharp daily increase of around 80% from Wednesday to Thursday. This jump in wind generation couldn’t have happened at a better time as Norwegian operator Gassco extended the unplanned outage at Visund until at least 31st July which means a reduction in gas flows to the UK until then.

In other news, the Texas based Freeport LNG export terminal (the second largest of its kind in the US) is ‘safely progressing’ the restart of all three of its liquefaction trains following a complete shutdown ahead of Hurricane Beryl earlier this month, spurring on hopes that the facility could be fully operational by the end of August.

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 26/07/2024

Overall the average price of Electricity has down by 109.82%
Overall the average price of Gas has gone down by 83.22%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

Back to Price Trends

Our Supplier Panel

The Energy Advice Line is the UK's leading online price comparison and switching service dedicated to small and medium sized businesses in the UK.

Our online quotation engine has been designed to facilitate speedy but accurate commercial electricity and gas prices – all at the click of a button to allow you to search the market for the lowest prices from an extensive panel of suppliers and contract options.

Customers Love Us !

Say 'No' to cold calling on business energy

Unfortunately, business electricity and business gas customers in the UK are bombarded with unsolicited cold calls on a daily basis.

This unscrupulous approach does not offer the business energy customer an impartial view on the market and the price offered is more often 20-30% above the current retail price for electricity or gas.

At Energy Advice Line we strongly advise customers to not accept these offers and follow our simple steps to ensure that they are not locked into an uncompetitive contract.

Join our cold calling campaign here, and spread the word to say 'no' to cold calling on business energy!

Say No To Cold Calling on Business Energy