Electricity and Gas Price Trends – 21st June 2024 to 28th June 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
21/06/2024
82.530
28/06/2024
82.680
MOVEMENT
+0.18%
TERM
2 Year
21/06/2024
81.470
28/06/2024
81.410
MOVEMENT
-0.07%

TERM
3 Year

21/06/2024
79.320

28/06/2024
79.070

MOVEMENT
-0.32%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

21/06/2024
94.031

28/06/2024
93.093

MOVEMENT
-1.01%

TERM
2 Year

21/06/2024
93.022

28/06/2024
91.991

MOVEMENT
-1.12%

TERM
3 Year

21/06/2024
87.978

28/06/2024
87.043

MOVEMENT
-1.07%
SUMMARY

The wholesale market has been a mixed bag this past week but all price movements have been within a very narrow range.

Most of the biggest moves were posted further out, as near-curve contracts held steady on the back of a consistent supply outlook that is potentially helping to feed some much-needed certainty into the market.

According to our latest 14 day model, demand is expected to climb back above seasonal norms from 29th June, however falling planned maintenance in Norway along with gradually recovering LNG supply means that the UK should be well-positioned to withstand short term fluctuations in demand.

Strength observed across the wider energy complex may have enhanced bullish sentiment along the far-curve, according to data from ICE, the Brent Crude benchmark contract saw day-on-day gains of 1.3% as escalating geopolitical tensions in the Middle East and worsening Houthi attacks in the Red Sea continued to support global oil markets.

In other news, French operator TotalEnergies SE is reportedly in talks to sell its ‘West of Shetland’ development encompassing the Solan, Clair and Schiehallion fields to British operator Prax Group in a move that (if approved) would increase the UK’s ownership share of its North Sea and Atlantic oil and gas assets.

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 28/06/2024

Overall the average price of Electricity has down by 98.89%
Overall the average price of Gas has gone down by 78.19%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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