Electricity and Gas Price Trends – 4th October 2024 to 11th 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
04/10/2024
80.290
11/10/2024
81.870
MOVEMENT
+1.93%
TERM
2 Year
04/10/2024
77.970
11/10/2024
79.240
MOVEMENT
+1.60%

TERM
3 Year

04/10/2024
75.330

11/10/2024
76.550

MOVEMENT
+1.59%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

04/10/2024
97.903

11/10/2024
98.698

MOVEMENT
+0.81%

TERM
2 Year

04/10/2024
94.002

11/10/2024
94.657

MOVEMENT
+0.69%

TERM
3 Year

04/10/2024
90.341

11/10/2024
91.035

MOVEMENT
+0.76%
SUMMARY

After a series of falls during the past week, wholesale prices rebounded at the NBP on Thursday amid soaring carbon (EUA) prices and unplanned offshore maintenance.

Substantial gains were posted on both the front-month and front-season contracts, with increases of nearly 4p/therm (0.14p/kWh) and 3p/therm (0.10p/kWh), respectively.

Surging carbon prices likely served as a key source of support at the front end, the Carbon EUA (EU Allowance) December 24 benchmark contract saw daily upside of 4.8%, coinciding with bullish moves across European gas, oil and coal markets (data from ICE).

Unplanned maintenance in both the UK and Norway may also have played into the bullish sentiment. According to data form National Gas (REMIT), an offshore issue has taken the UK’s Barrow gas treatment plant offline since 5th October, removing 6mcm/d of supply with an uncertain duration. Furthermore, compressor issues at both the Gullfaks and Troll fields removed a total of 17.1mcm/d Norwegian export capacity, both also with an uncertain duration (data from Gassco).

In other news, on the gas storage front, both Great Britain and the EU are reporting above average stocks for this time of year which will help ease the affects of short term supply issues. Data from Gas Infrastructure Europe shows that overall EU gas storage stands at 94.64% as of 8th October.

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 11/10/2024

Overall the average price of Electricity has down by 103.50%
Overall the average price of Gas has gone down by 70.51%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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