Electricity and Gas Price Trends – 2nd October 2024 to 4th October 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
02/10/2024
79.550
04/10/2024
80.290
MOVEMENT
+0.92%
TERM
2 Year
02/10/2024
77.510
04/10/2024
77.970
MOVEMENT
+0.59%

TERM
3 Year

02/10/2024
75.020

04/10/2024
75.330

MOVEMENT
+0.41%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

02/10/2024
96.963

04/10/2024
97.903

MOVEMENT
+0.96%

TERM
2 Year

02/10/2024
94.266

04/10/2024
94.002

MOVEMENT
-0.28%

TERM
3 Year

02/10/2024
89.250

04/10/2024
90.341

MOVEMENT
+1.21%
SUMMARY

Offline North Sea capacity combined with higher UK demand to lift gas prices in the later part of the week.

Unplanned maintenance at two Norwegian gas fields likely served as a key source of support at the front-end. According to data from offshore operator Gassco, extended maintenance at Åsgard combined with a compressor failure at the major Troll field to remove 23mcm/d of production capacity.

These events are not expected to be resolved until at least Saturday morning, limiting export capacity into Great Britain. The British demand outlook remains somewhat bleak, with the latest run of our 14-day model indicating that demand will average above seasonal norms until at least 17th October which could slow the pace of storage injections into British facilities.

The UK’s LNG supply outlook continues to improve with the latest shipping signals indicating that as many as 4 tankers could arrive at Britain’s Milford Haven and Isle of Grain terminals by 12th October (two from the USA and two from Qatar).

In other news, Chevron Mediterranean Limited issued a statement confirming that production at Israel’s Tamar and Leviathan gas fields had resumed following a brief shut down in response to Iran’s attack on Israel late on Monday, alleviating concerns that infrastructure may have been damaged by the recent attacks.

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 04/10/2024

Overall the average price of Electricity has down by 107.04%
Overall the average price of Gas has gone down by 71.80%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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