Electricity and Gas Price Trends – 22nd September 2023 to 29th 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
22/09/2023
108.08
29/09/2023
105.05
MOVEMENT
-2.88%
TERM
2 Year
22/09/2023
108.63
29/09/2023
105.88
MOVEMENT
-2.60%

TERM
3 Year

22/09/2023
105.31

29/09/2023
103.51

MOVEMENT
-1.74%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

22/09/2023
122.977

29/09/2023
118.198

MOVEMENT
-4.04%

TERM
2 Year

22/09/2023
124.439

29/09/2023
119.986

MOVEMENT
-3.71%

TERM
3 Year

22/09/2023
120.087

29/09/2023
117.460

MOVEMENT
-2.24%
SUMMARY
Overall, wholesale electricity and gas prices went down slightly again last week amid below average seasonal demand and falling oil prices.

Short-term forecasts show that demand is set to remain below seasonal norms until at least 12th October, potentially shifting the markets focus away from short-term continued Norwegian supply disruption.

Medium and long term contracts may have also weakened in response to falling oil prices with data from ICE showing that the Brent Crude contracts saw losses of approximately 1.2%

Further falls was likely limited by fluctuating levels of Norwegian supply.

Data from offshore operator Gassco shows that pipeline flows into the UK fell by just over 40% at points during the week, as capacity restrictions continued to ebb and flow.

In other news, energy regulator OFGEM published their winter outlook, in which they suggested that the UK should easily be able to keep up with periods of peak demand, mainly thanks to plentiful European storage at 95% full.

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 29/09/2023

Overall the average price of Electricity has down by 53.81%
Overall the average price of Gas has gone down by 36.35%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT
Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT
Latest Wholesale Gas Prices

 

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