Electricity and Gas Price Trends – 24th May 2024 to 31st May 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
24/05/2024
87.420
31/05/2024
86.500
MOVEMENT
-1.06%
TERM
2 Year
24/05/2024
86.370
31/05/2024
85.500
MOVEMENT
-1.02%

TERM
3 Year

24/05/2024
82.770

31/05/2024
82.360

MOVEMENT
-0.50%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

24/05/2024
97.712

31/05/2024
96.487

MOVEMENT
-1.27%

TERM
2 Year

24/05/2024
97.117

31/05/2024
95.572

MOVEMENT
-1.62%

TERM
3 Year

24/05/2024
91.275

31/05/2024
89.403

MOVEMENT
-2.09%
SUMMARY
Prices are down marginally this past week but continuing Norwegian supply constraints could push prices back up in the coming days.

Expectations of unseasonably high demand in the first half of June likely played into the bullish sentiment. The latest run of our 14-day model shows that levels will fluctuate to below and above seasonal norms over the coming weekend before settling above average from 4th June until at least 12th June, which will aggravate already tight Norwegian and LNG supply fundamentals.

Prolonged summertime maintenance across the NCS (Norwegian Continental Shelf) and resulting tightness means that unplanned outages have an amplified effect on sentiment, data from offshore operator Gassco shows that 5mcm was removed at the Kollsnes gas processing facility on Thursday. This particular outage (which has been ongoing since 23rd May) was on Thursday accompanied by extensive planned maintenance that totalled 63.6mcm across the gas-day.

Furthermore, LNG send-out flows remain constrained; If we look at Wednesdays session for example, data from National Gas shows that LNG accounted for only 9mcm of British supply, a stark contrast to the figure of 70mcm that was measured for the same date last year.

In other news, Sweden has indicated that it is willing cease imports of Russian LNG without financial support from the European Union. New measures were approved yesterday that will allow member states to voluntarily block Russian seaborne gas imports. A new package of sanctions aimed at cutting Russia’s LNG revenues had failed to pass after being vetoed by Hungary who is still very much reliant on Russia for the bulk of its gas imports.

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 31/05/2024

Overall the average price of Electricity has down by 90.14%
Overall the average price of Gas has gone down by 72.28%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT
Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT
Latest Wholesale Gas Prices

 

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