Electricity and Gas Price Trends – 10th November 2023 to 17th November 2023


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
10/11/2023
108.700
17/11/2023
104.650
MOVEMENT
-3.87%
TERM
2 Year
10/11/2023
106.750
17/11/2023
104.930
MOVEMENT
-1.73%

TERM
3 Year

10/11/2023
103.650

17/11/2023
102.690

MOVEMENT
-0.93%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

10/11/2023
125.926

17/11/2023
119.100

MOVEMENT
-5.73%

TERM
2 Year

10/11/2023
123.767

17/11/2023
118.235

MOVEMENT
-4.68%

TERM
3 Year

10/11/2023
118.203

17/11/2023
112.917

MOVEMENT
-4.68%
SUMMARY
Electricity prices have eased slightly this week on the back of a good supply of LNG arriving and due to arrive at UK shores over the coming days.

The latest shipping signals indicate that 5 laden vessels are scheduled to arrive on British shores by the 2nd December. Data from the Port of Milford Haven shows the LNG Abalamabie is due to unload American volumes at the South Hook No1 terminal on Friday.

A slump in oil and carbon prices also helped. ICE data shows the Brent Crude benchmark contract posted its largest loss in a single session since the 4th October, shedding almost $4/barrel day-on-day and closed to its lowest level in more than 4 months.

However, a drop in wind generation in the second part of the week sadly meant that prices stayed higher. According to data from National Gas, solar and wind generated power slumped on Thursday, meaning that the UK’s next primary source for electricity is from gas, increasing by a considerable 55% when compared to Wednesday.

When the wind drops, the UK then becomes very reliant on gas for its electricity generation. This just means that we will see quite a high level of volatility for years to come until we create a more sustainable and diverse way of generating electricity.

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 17/11/2023

Overall the average price of Electricity has down by 54.88%
Overall the average price of Gas has gone down by 38.44%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT
Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT
Latest Wholesale Gas Prices

 

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