Electricity and Gas Price Trends – 28th March 2024 to 5th April 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
28/03/2024
70.580
05/04/2024
66.650
MOVEMENT
-5.90%
TERM
2 Year
28/03/2024
72.120
05/04/2024
68.690
MOVEMENT
-4.99%

TERM
3 Year

28/03/2024
71.120

05/04/2024
68.260

MOVEMENT
-4.19%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

28/03/2024
77.972

05/04/2024
73.476

MOVEMENT
-6.12%

TERM
2 Year

28/03/2024
80.288

05/04/2024
76.733

MOVEMENT
-4.63%

TERM
3 Year

28/03/2024
77.033

05/04/2024
74.319

MOVEMENT
-3.65%
SUMMARY

Prices eased this week pressured by unseasonably low demand, high wind conditions and bearish moves across carbon and coal markets.

Forecasts of below average demand remained a prime driving force. The latest run of our 14-day demand forecast model shows below average demand is expected until at least 17th April, thanks in part to the unseasonably mild and windy weather conditions we are currently seeing.

An uptick in wind generated during the week helped to keep a lid on any price rises. Data from National Grid shows wind-output increased significantly on both Wednesday and Friday which reduced the need for CCGT (combined cycle gas turbine) off take which fell by more than 45% when compared to the same period.

Contracts further out may have traced weakness within the wider energy complex with data from ICE showing that the Carbon EUA and Rotterdam Coal benchmark contracts saw losses on Wednesday of 2.2% and 3.3% respectively.

In other news, the Biden administration has rejected a proposal from Republican House Speaker Mike Johnson that sought to lift the pause on new LNG projects. The proposal suggested that any profits from new terminals could be directed towards providing financial aid for Ukraine.

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 05/04/2024

Overall the average price of Electricity has down by 137.54%
Overall the average price of Gas has gone down by 115.97%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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