Electricity and Gas Price Trends – 31st May 2024 to 7th June 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
31/05/2024
86.500
07/06/2024
82.090
MOVEMENT
-5.37%
TERM
2 Year
31/05/2024
85.500
07/06/2024
81.140
MOVEMENT
-5.37%

TERM
3 Year

31/05/2024
82.360

07/06/2024
79.030

MOVEMENT
-4.21%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

31/05/2024
96.487

07/06/2024
90.828

MOVEMENT
-6.23%

TERM
2 Year

31/05/2024
95.572

07/06/2024
89.911

MOVEMENT
-6.30%

TERM
3 Year

31/05/2024
89.403

07/06/2024
84.862

MOVEMENT
-5.35%
SUMMARY

Prices continued to ease on Wednesday as European gas hubs continued to shake off Norwegian supply fears, as markets awaited the restart of Norway’s Sleipner field.

Decreases were posted across the majority of the curve, with contracts shedding the risk premium built up at the beginning of the week. Offshore operator Gassco maintained on Thursday that works were expected to be completed at the Sleipner R platform by Friday morning, allowing the Nyhamna facility to begin gradually ramping back up and paving the way for the return of exports to Great Britain.

The company’s maintenance schedule indicated that Nyhamna volumes will reach 56.4% of regular capacity from 5am UK time on Friday, prompting nominations at the Easington import terminal to surge from just 2.2mcm to 40.7mcm day-on-day.

Once again however, the markets could have reacted differently this past week as other external pressures are not going away; ICE data shows that the Brent Crude oil benchmark contract gained circa 1.9% when compared to its previous close, which, along with overstretched global LNG supply could still have an impact in the weeks to come on European gas prices.

In other news, UK system operator National Gas published their annual Winter Outlook Review and Consultation, outlining a number of best and worst-case scenarios and speculating that the UK will remain as a net exporter to the European Union through its 3 primary interconnectors.

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 07/06/2024

Overall the average price of Electricity has down by 99.63%
Overall the average price of Gas has gone down by 82.57%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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