Electricity and Gas Price Trends – 28th June 2024 to 5th 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
28/06/2024
82.680
05/07/2024
83.180
MOVEMENT
+0.60%
TERM
2 Year
28/06/2024
81.410
05/07/2024
82.090
MOVEMENT
+0.83%

TERM
3 Year

28/06/2024
79.070

05/07/2024
79.780

MOVEMENT
+0.89%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

28/06/2024
93.093

05/07/2024
92.850

MOVEMENT
-0.26%

TERM
2 Year

28/06/2024
91.991

05/07/2024
92.673

MOVEMENT
+0.74%

TERM
3 Year

28/06/2024
87.043

05/07/2024
88.257

MOVEMENT
+1.38%
SUMMARY
All price movements this week have once again been within a very narrow range with the overall trend showing a marginal increase.

Prices rebounded on Thursday amid offline capacity in Norway as an unanticipated slump in Norway-GB flows likely played into bullish sentiment. According to data from Norway’s Gassco both the Visund and Oseberg dented the countries production and subsequently contributed to a 17.8% daily decline in export flows to Great Britain via the Langeled pipeline. Luckily, British demand dropped slightly from the previous gas-day which likely helped to offset the drop in supply.

A sharp increase in British wind output for the majority of the week also provided some stability. For example, according to data from National Grid wind generation averaged 10.7GW on Wednesday, representing an increase of 55% day-on-day and accounting for more than 36% of the generation stack. This no doubt suppressed gas-fired power demand (CCGT) which totaled just 4.8GW and accounted for 16% of power generation over the same period and potentially helped to boost storage injections.

It wasn’t all plane sailing on the LNG front, with the proximity of Hurricane Beryl to major LNG export facilities in the Gulf of Mexico feeding a degree of risk into the market, with Europe receiving a large share of its LNG imports from this region. The storm, which reached Category 5 (157mph+) wind speeds on Tuesday is currently tearing through the Caribbean and depending on course projections, could make landfall in southern Texas as a tropical storm on Sunday causing possible delays at terminals.

In other news, The Labour Party is set to form a government later today (Friday) after winning a landslide in Thursday’s General Election. One of the key promises within the party’s manifesto was the formation of a new public owned ‘Great British Energy’ company which is intended to increase investment in the green power sector and reduce the UK’s reliance on imports.

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 05/07/2024

Overall the average price of Electricity has down by 97.360%
Overall the average price of Gas has gone down by 77.110%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT
Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT
Latest Wholesale Gas Prices

 

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