Electricity and Gas Price Trends – 1st March 2024 to 7th 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
01/03/2024
65.130
07/03/2024
68.810
MOVEMENT
+5.35%
TERM
2 Year
01/03/2024
66.670
07/03/2024
70.4100
MOVEMENT
+5.31%

TERM
3 Year

01/03/2024
66.680

07/03/2024
69.780

MOVEMENT
+4.44%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

01/03/2024
68.817

07/03/2024
72.481

MOVEMENT
+5.06%

TERM
2 Year

01/03/2024
72.378

07/03/2024
75.613

MOVEMENT
+4.28%

TERM
3 Year

01/03/2024
72.772

07/03/2024
75.416

MOVEMENT
+3.51%
SUMMARY

Gas prices have gone up for the second consecutive week driven by concerns over LNG supply.

It could have been worse had it not been for high storage levels and below average demand which helped reinforce confidence as we approach the front-summer delivery period.

If we take Thursday’s gas demand as an example, according to data from National Gas, actual demand for Great Britain totalled 236.8mcm across the day. This was 7% lower than Wednesday and 33.7mcm below the seasonal norm, helped a lot with a substantial uptick in wind-power generation across the same period.

It wasn’t all plain sailing however, a sharp drop in LNG supply observed over the past couple of weeks continues to squeeze supplies. National Gas data shows that LNG send out flows fell to just over 15mcm on Wednesday, the lowest level seen so far this year, with increased demand in Asia resulting in vessels diverting away from the European market.

In other news, a representative from the US Department of Energy has indicated that the Biden administrations’ pause on new LNG export licenses could take longer than initially suggested and is likely to last several months.

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 07/03/2024

Overall the average price of Electricity has down by 131.40%
Overall the average price of Gas has gone down by 116.950%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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