Electricity and Gas Price Trends – 6th December 2024 to 13th 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
06/12/2024
87.16
13/12/2024
81.60
MOVEMENT
-6.81%
TERM
2 Year
06/12/2024
80.89
13/12/2024
77.37
MOVEMENT
-4.55%

TERM
3 Year

06/12/2024
76.80

13/12/2024
74.46

MOVEMENT
-3.14%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

06/12/2024
109.872

13/12/2024
102.163

MOVEMENT
-7.55%

TERM
2 Year

06/12/2024
100.725

13/12/2024
95.578

MOVEMENT
-5.39%

TERM
3 Year

06/12/2024
91.686

13/12/2024
87.931

MOVEMENT
-4.27%
SUMMARY
Strong LNG supply and a declining demand forecast helped reduce wholesale prices this past week.

A bearish demand outlook in the run up to Christmas contributed to help prices especially in the short term contracts. According to the latest 14 day forecast, demand will decrease to below seasonal norms from 15th December, with milder temperatures due to arrive for the second half of the month.

On the LNG front, further to the 8 ships that have already arrived in December, shipping signals suggest that a further 9 vessels could berth at British terminals over the next fortnight. So far this week, send out into the British system has averaged higher than at any time since January of this year.

Austrian operator OMV also confirmed this week the termination of their long-term supply agreement with Russia’s Gazprom PJSC export arm. Citing that Gazprom had breached multiple contractual obligations, OMV pulled out of the contract early as it had originally been fixed until 2040 and will will bring an end to over 50 years of direct Russian gas flows into Austria.

For now at least, these volumes are apparently being redirected to other countries/spot markets when they reach the Austrian border.

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 13/12/2023 to 13/12/2024

Overall the average price of Electricity has gone down by 7.13%
Overall the average price of Gas has gone up by 3.65%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT
Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT
Latest Wholesale Gas Prices

 

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