Electricity and Gas Price Trends – 5th July 2024 to 11th July 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
05/07/2024
83.180
11/07/2024
77.000
MOVEMENT
-8.03%
TERM
2 Year
05/07/2024
82.090
11/07/2024
76.650
MOVEMENT
-7.10%

TERM
3 Year

05/07/2024
79.780

11/07/2024
75.320

MOVEMENT
-5.92%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

05/07/2024
92.850

11/07/2024
86.685

MOVEMENT
-7.11%

TERM
2 Year

05/07/2024
92.673

11/07/2024
87.239

MOVEMENT
-6.23%

TERM
3 Year

05/07/2024
88.257

11/07/2024
83.775

MOVEMENT
-5.35%
SUMMARY

Gas prices continued a downward trend at the NBP for the majority of the week as bearish supply fundamentals continued to prevail despite a lackluster LNG shipment outlook.

Robust, uninterrupted flows from Norway over the past few weeks has likely helped to reinforce confidence in UK supplies following severe supply disruptions that arose in late May. Data from Norway’s Gassco AG shows that 65.2mcm was nominated for delivery into Britain’s Easington and St Fergus terminals on Wednesday, helping to meet around 40% of actual demand.

On the LNG front, send out remains subdued on the back of a quiet delivery schedule. The latest shipping signals show that only 1 vessel is set to arrive over the next 7 days, accounting for just 5% of UK supply.

Elevated wind power also helped to subdue gas-fired power demand in the first part of the week. Wind turbine output held above average at a rate of 9.5GW/day and met 33.5% of total British power demand (data from National Grid).

In other news, Bulgarian state operator Bulgargaz is reportedly seeking €400 million in compensation from Russia’s Gazprom following undelivered volumes, with this latest legal contest coming after Germany’s Uniper was awarded $14 billion in an arbitration ruling against Gazprom in June.

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 11/07/2024

Overall the average price of Electricity has down by 111.22%
Overall the average price of Gas has gone down by 88.17%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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