Electricity and Gas Price Trends – 26th January 2024 to 2nd February 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
26/01/2024
64.030
02/02/2024
73.210
MOVEMENT
+12.54%
TERM
2 Year
26/01/2024
69.170
02/02/2024
74.430
MOVEMENT
+7.07%

TERM
3 Year

26/01/2024
71.100

02/02/2024
74.730

MOVEMENT
+4.86%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

26/01/2024
74.278

02/02/2024
77.960

MOVEMENT
+4.72%

TERM
2 Year

26/01/2024
78.434

02/02/2024
81.213

MOVEMENT
+3.42%

TERM
3 Year

26/01/2024
78.115

02/02/2024
80.432

MOVEMENT
+2.88%
SUMMARY

Global LNG supply fears, weaker European storage levels and an undersupplied British system driven by unplanned gas pipeline maintenance all combined to force prices up this past week.

Lingering fears surrounding the future of US LNG supply likely served as a key source of rises with the US Government announcing that new LNG projects will need to be indefinitely suspended while climate impact assessments are conducted as part of a wider green push.

This news shook global energy markets, with the US being crowned as the biggest LNG exporter for the first time last year after overtaking rivals Qatar and Australia.

A growing need to attract LNG cargoes was not helped with the recent downturn in prompt prices as this put other regions at a premium to the European market. As a direct result, the Malaga Knutsen, which was originally scheduled to arrive at port of Milford Haven on 6th February diverted course last week and is now heading for Chile.

It could have been a lot worse if it wasn’t for high levels of wind generation this past week which has helped ease the pressure around gas supply concerns.

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 02/02/2024

Overall the average price of Electricity has down by 117.49%
Overall the average price of Gas has gone down by 102.38%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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