Electricity and Gas Price Trends – 25th August 2023 to 1st 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
25/08/2023
112.85
01/09/2023
114.71
MOVEMENT
+1.62%
TERM
2 Year
25/08/2023
113.31
01/09/2023
115.71
MOVEMENT
+2.07%

TERM
3 Year

25/08/2023
109.83

01/09/2023
112.00

MOVEMENT
+1.94%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

25/08/2023
119.822

01/09/2023
123.381

MOVEMENT
+2.88%

TERM
2 Year

25/08/2023
123.505

01/09/2023
127.33

MOVEMENT
+3.00%

TERM
3 Year

25/08/2023
118.923

01/09/2023
123.271

MOVEMENT
+3.53%
SUMMARY

Workers at the Chevron owned Australian Gorgon and Wheatstone LNG gas facilities rejected a counter offer and the strike planned for 7th September 2023 looks like it will still go ahead.

This together with increased (but planned) outages from Norway meant that the market saw some gains for the majority of the week.

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

The continued threat of strike action at the Australian LNG facilities was keenly felt across the markets and it will be interesting to see if a further counter offer is made by Chevron this week to help prevent it happening.

EU Gas Storage levels are near capacity.

Fortunately, EU gas storage levels are now at 93%, 12% higher than this time last year. This has help balance the market in the short term and off-set the risk that the strike will have on global gas prices.

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 01/09/2023

Overall the average price of Electricity has down by 41.24%
Overall the average price of Gas has gone down by 29.66%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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