Electricity and Gas Price Trends – 1st September 2023 to 8th September 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
01/09/2023
114.71
08/09/2023
110.32
MOVEMENT
-3.98%
TERM
2 Year
01/09/2023
115.71
08/09/2023
111.40
MOVEMENT
-3.87%

TERM
3 Year

01/09/2023
112.00

08/09/2023
108.78

MOVEMENT
-2.96%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

01/09/2023
123.381

08/09/2023
120.82

MOVEMENT
-2.12%

TERM
2 Year

01/09/2023
127.33

08/09/2023
125.659

MOVEMENT
-1.33%

TERM
3 Year

01/09/2023
123.271

08/09/2023
122.076

MOVEMENT
-0.98%
SUMMARY
Overall wholesale prices are slightly down this past week but this hides issues rumbling away in Australia and Norway.

We saw falls in the market until Wednesday but gas prices rebounded Thursday and Friday amid uncertainty surrounding Australian strikes and extensions to Norwegian outages.

The largest changes session were posted on the prompt price and near-curve with seasonal gas contracts. Extensions to Norwegian outages is not good news.

Information from offshore operator Gassco showed the unplanned outage at Aasta Hansteen had been extended for a third time due to corrective maintenance. When added to planned maintenance, capacity restrictions totaled a massive 212.4mcm/day on Thursday.

The Australians are striking.

This coupled with ongoing deliberations with Australian LNG unions also played into the bullish sentiment as markets seemed to brace themselves for strike action. Furthermore, confirmation of industrial action at Australian LNG facilities has been received with walkouts taking place at 06:00 London time on 08/09/2023.

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 08/09/2023

Overall the average price of Electricity has down by 46.33%
Overall the average price of Gas has gone down by 31.57%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT
Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT
Latest Wholesale Gas Prices

 

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