Electricity and Gas Price Trends – 7th March 2024 to 15th March 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
07/03/2024
68.810
15/03/2024
67.840
MOVEMENT
-1.43%
TERM
2 Year
07/03/2024
70.410
15/03/2024
68.860
MOVEMENT
-2.25%

TERM
3 Year

07/03/2024
69.780

15/03/2024
68.840

MOVEMENT
-1.37%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

07/03/2024
72.481

15/03/2024
70.881

MOVEMENT
-2.26%

TERM
2 Year

07/03/2024
75.613

15/03/2024
73.697

MOVEMENT
-2.60%

TERM
3 Year

07/03/2024
75.416

15/03/2024
73.161

MOVEMENT
-3.08%
SUMMARY

Gas prices rebounded up on Friday after a series of drops in the early part of the week amid low LNG supply and caps on oil production.

Increases in the carbon and oil markets didn’t help the situation. According to ICE data, the EUA benchmark contract saw gains of circa €2.5/tonne all while the Brent Crude benchmark contract continued to rally in the later part of the week, moving up by more than $1.25/barrel to reach its highest price since the 27th October 2023.

The increases came amid news of the OPEC+ bloc agreeing to an extension in their oil production cut (which is currently reducing volumes by 2 million/bpd) for the remainder of the year, adding concerns to supply security.

Fortunately mild and windy conditions likely limited the increases. Data from National Gas showed wind-generated power seeing a significant 32% increase from Wednesday to Thursday, which subsequently reduced reliance on CCGT (combined cycle gas turbine) offtake which saw a huge drop of 44% when compared to the same period.

With no LNG cargoes offloading at any port since the 9th March and the latest shipping signals indicating that just one laden vessel is anticipated to berth on British shores before the end of the month, any increase to gas for power demand will eat into gas storage levels if wind generation drops away.

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 15/03/2024

Overall the average price of Electricity has down by 135.30%
Overall the average price of Gas has gone down by 122.70%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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