Electricity and Gas Price Trends – 29th November 2024 to 6th December 2024


Ingrid & Anders
Please find detailed below the latest weekly update on the wholesale electricity and gas relative in the UK.

WHAT HAPPENED TO PRICES LAST WEEK ?
ELECTRICITY WHOLESALE PRICE CHANGES (£/MWh)
TERM
1 Year
29/11/2024
88.19
06/12/2024
87.16
MOVEMENT
-1.18%
TERM
2 Year
29/11/2024
82.13
06/12/2024
80.89
MOVEMENT
-1.53%

TERM
3 Year

29/11/2024
77.76

06/12/2024
76.80

MOVEMENT
-1.25%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

29/11/2024
111.374

06/12/2024
109.872

MOVEMENT
-1.37%

TERM
2 Year

29/11/2024
101.972

06/12/2024
100.725

MOVEMENT
-1.24%

TERM
3 Year

29/11/2024
92.532

06/12/2024
91.686

MOVEMENT
-0.92%
SUMMARY

High wind combined with milder weather helped to reduce gas prices in the second part of the week but this could be short lived with a cold weather front about to hit Europe for the next 7-10 days.

The latest run of the 14-day demand model indicates that the overall bullish demand outlook is now expected to persist until at least 16th December, supported by cooler temperatures forecasted from this weekend.

Good news however on the LNG delivery front, with shipping signals showing that up to 11 vessels could berth at British terminals over the next two weeks.

EDF Energy has also this week confirmed that 4 of its UK nuclear reactors will see their operational lifespan extended. This is the second time that EDF has extended the life of the Heysham 2 and Torness nuclear plants built in 1988, with both now expected to remain online for an additional two years until 2030, helping to subdue long term gas-fired power demand outlook.

In other news, remaining EU buyers of Russian gas, particularly in Central and Eastern Europe will be reassured to hear that Vladimir Putin’s decree that all Russian gas invoices must be paid to Gazprombank in Russian rubles has been amended to allow payments via third party bank accounts, easing the process of payment (particular currency conversion) for some companies and allowing them to work around recent US sanctions on Gazprombank.

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 06/12/2023 to 06/12/2024

Overall the average price of Electricity has gone down by 9.10%
Overall the average price of Gas has gone up by 3.04%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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