Electricity and Gas Price Trends – 13th October 2023 to 20th October 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
13/10/2023
124.170
20/10/2023
121.700
MOVEMENT
-2.03%
TERM
2 Year
13/10/2023
121.960
20/10/2023
118.560
MOVEMENT
-2.87%

TERM
3 Year

13/10/2023
116.560

20/10/2023
112.450

MOVEMENT
-3.65%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

13/10/2023
139.911

20/10/2023
141.142

MOVEMENT
+0.87%

TERM
2 Year

13/10/2023
135.934

20/10/2023
136.788

MOVEMENT
+0.62%

TERM
3 Year

13/10/2023
127.014

20/10/2023
128.004

MOVEMENT
+0.77%
SUMMARY
The market has been calmer this past week with unseasonably low demand helping smooth out the supply problems caused by the conflict between Israel and Hamas.

Although we saw a drop in wind generation in the second part of the week, the total demand on the network was forecast to reach 182mcm/d which is a massive 72mcm/d below the seasonal norm, mainly thanks to above average temperatures (data from National Gas).

With warnings that the conflict in Israel could last months, the oil market has been feeling the pressure. According to ICE data, the Brent Crude benchmark contract climbed a further 1% day-on-day, amid heightened geopolitical tensions resulting from the conflict.

In other news, pipeline operator BBL Company confirmed it was reducing daily reverse-flow tariffs via the UK-Netherlands interconnector from €5.03/MWh to €3.45/MWh for the rest of October, which could boost UK exports to the EU across the rest of the month.

Further pressures towards the end of the week also came from news of an unplanned outage at Norway’s Asgard field. According to data from offshore operator Gassco, the facility operated at a reduced capacity throughout Friday due to a processing issue.

There is no doubt that the unseasonably warm weather is really helping the situation at the moment. However, we have still seen 5 key energy suppliers reissue higher prices in the last 24 hours.

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 20/10/2023

Overall the average price of Electricity has down by 37.12%
Overall the average price of Gas has gone down by 19.45%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT
Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT
Latest Wholesale Gas Prices

 

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