Electricity and Gas Price Trends – 26th July 2024 to 2nd August 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
26/07/2024
77.730
02/08/2024
83.720
MOVEMENT
+7.15%
TERM
2 Year
26/07/2024
77.200
02/08/2024
81.920
MOVEMENT
+5.76%

TERM
3 Year

26/07/2024
75.570

02/08/2024
79.080

MOVEMENT
+4.44%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

26/07/2024
89.392

02/08/2024
98.383

MOVEMENT
+9.14%

TERM
2 Year

26/07/2024
89.401

02/08/2024
96.520

MOVEMENT
+7.38%

TERM
3 Year

26/07/2024
85.858

02/08/2024
92.174

MOVEMENT
+6.85%
SUMMARY

Middle East tensions continued to escalate and drive gas prices up throughout the week coupled with supply issues.

Tensions between Israel and Iran are reaching boiling point following reports in the week that the top military leader of Hamas was assassinated in the Iranian capital of Tehran. Iran’s Supreme Leader, Ali Khamenei has vowed ‘harsh punishment’ against Israel whom Iran and the Hamas group have blamed for the attack.

As proven by the barrage of strikes exchanged by Israel and Iran back in April, active conflict between the two countries also has the potential to spook global energy markets so its no surprise that European hubs are on high alert on the back of recent events.

Unplanned capacity restrictions also served as a secondary source of support for contracts across the near-curve as data from Norwegian state-owned operator Gassco showed that ‘process problems’ took 10.8mcm offline at the Sleipner on Thursday along with a power failure that curtailed output from the Duva, Gjøa and Vega fields.

In other news, alongside ongoing tensions in the Middle East, a heatwave striking parts of Asia also raised concerns surrounding LNG supply and likely helped to fuel bullish sentiment. Japan (previously the world’s largest LNG importer) is one of the countries experiencing the adverse heat, prompting concerns across European trading hubs of further competition for gas shipments as cooling related demand increases.

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 02/08/2024

Overall the average price of Electricity has down by 97.63%
Overall the average price of Gas has gone down by 68.91%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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