Electricity and Gas Price Trends – 9th August 2024 to 16th August 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
09/08/2024
86.970
16/08/2024
88.390
MOVEMENT
+1.61%
TERM
2 Year
09/08/2024
84.850
16/08/2024
85.970
MOVEMENT
+1.30%

TERM
3 Year

09/08/2024
81.570

16/08/2024
82.350

MOVEMENT
+0.95%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

09/08/2024
105.253

16/08/2024
105.650

MOVEMENT
+0.38%

TERM
2 Year

09/08/2024
102.823

16/08/2024
102.826

MOVEMENT
+0.00%

TERM
3 Year

09/08/2024
98.002

16/08/2024
97.671

MOVEMENT
-0.34%
SUMMARY

The market traded within a narrow range this past week as European gas hubs paused to assess developments in Ukraine and the Middle East.

The ongoing Ukrainian incursion into Russian territory remains the main area of apprehension for energy markets.

The last remaining Russian flows into the European Union pass via the occupied Sudzha gas station and the possibility of a Russian counterattack bringing active fighting back to the area could once again spook gas markets. As of Thursday, Ukraine now claims control of approximately 1,150 sq km of Russian territory including full control over much of the wider Sudzhansky District, of which Sudzha itself is the administrative center.

With news that planned maintenance across the Norwegian Continental Shelf (NCS) will continue into September this is expected to tighten exports to Great Britain via the Langeled interconnector. However, well above-average storage levels in Europe should help to offset some of the supply risks associated with the drop in flows, but any additional (unplanned) maintenance could have an amplified effect on sentiment during this time.

In other news, ceasefire talks between Israel and the US began in the Qatari capital Doha yesterday to try and broker a peace settlement between Israel and the Hamas administration in Gaza. There is greater emphasis on the importance and urgency of this round of talks due to the immediate threat of retaliation from Iran for the alleged assassination of Hamas political leader Ismail Han iyeh last month.

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 16/08/2024

Overall the average price of Electricity has down by 88.400%
Overall the average price of Gas has gone down by 58.390%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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