Electricity and Gas Price Trends – 18th August 2023 to 25th August 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
18/08/2023
117.62
25/08/2023
112.85
MOVEMENT
-4.23%
TERM
2 Year
18/08/2023
117.43
25/08/2023
113.31
MOVEMENT
-3.64%

TERM
3 Year

18/08/2023
112.32

25/08/2023
109.83

MOVEMENT
-2.27%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

18/08/2023
122.708

25/08/2023
119.822

MOVEMENT
-2.26%

TERM
2 Year

18/08/2023
126.159

25/08/2023
123.505

MOVEMENT
-2.08%

TERM
3 Year

18/08/2023
120.413

25/08/2023
118.923

MOVEMENT
-1.20%
SUMMARY
This past week has been a tale of two very different halves.

The potential for strikes at a key Australian LNG facility drove prices up Monday to Wednesday but news of a settlement between the company and its workforce sent the market in the opposite direction on Thursday and Friday.

The result was a slight reduction in the wholesale market overall.

As Europe heavily relies on LNG to fill the significant gap left by Russia, the Australian LNG facility accounted for an estimated 10% of global supply so the threat of strike was very keenly felt across the markets.

We are still experiencing planned outages from Norway but this risk is already factored into the markets.

This past week indicates that the market is so unstable. There are more influencers to drive the market up than drive it down at the moment.

This will be the case until we become more self sufficient with how we generate our own energy. It will take years to affect this but gradually this will create a more stable market. In the meantime, we just have to remain vigilant and move quickly when prices reflect a downward trend.

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 25/08/2023

Overall the average price of Electricity has down by 43.94%
Overall the average price of Gas has gone down by 33.86%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT
Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT
Latest Wholesale Gas Prices

 

Back to Price Trends
Questions
Your Questions
Why switch?
Why switch with us?
How do I begin the switch?
The Switch Process
All About Us
Useful Links
Energy Saving Tips
Latest Price Trends
Latest News
Best Practice Guides
Renewal Reminder
Termination Notices
Trustpilot Reviews
What is the Energy Bills Relief Scheme?
What is the Energy Bills Discount Scheme?

Our Supplier Panel

The Energy Advice Line is the UK's leading online price comparison and switching service dedicated to small and medium sized businesses in the UK.

Our online quotation engine has been designed to facilitate speedy but accurate commercial electricity and gas prices – all at the click of a button to allow you to search the market for the lowest prices from an extensive panel of suppliers and contract options.

Customers Love Us !

Trustpilot

Say 'No' to cold calling on business energy

Unfortunately, business electricity and business gas customers in the UK are bombarded with unsolicited cold calls on a daily basis.

This unscrupulous approach does not offer the business energy customer an impartial view on the market and the price offered is more often 20-30% above the current retail price for electricity or gas.

At Energy Advice Line we strongly advise customers to not accept these offers and follow our simple steps to ensure that they are not locked into an uncompetitive contract.

Join our cold calling campaign here, and spread the word to say 'no' to cold calling on business energy!

Say No To Cold Calling on Business Energy
© 2006-2024Energy Advice Line Limited