Electricity and Gas Price Trends – 29th September 2023 to 6th October 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
29/09/2023
105.05
06/10/2023
98.720
MOVEMENT
-6.41%
TERM
2 Year
29/09/2023
105.88
06/10/2023
100.380
MOVEMENT
-5.48%

TERM
3 Year

29/09/2023
103.51

06/10/2023
98.830

MOVEMENT
-4.74%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

29/09/2023
118.198

06/10/2023
106.311

MOVEMENT
-11.18%

TERM
2 Year

29/09/2023
119.986

06/10/2023
110.321

MOVEMENT
-8.76%

TERM
3 Year

29/09/2023
117.460

06/10/2023
108.008

MOVEMENT
-8.75%
SUMMARY

Wholesale prices came down last week as we continued to experienced un-seasonally warm weather in the UK.

Unseasonably low demand likely played the biggest part. Thursday and Friday saw the biggest falls as data from National Gas confirmed that demand fell by almost 37% against the seasonal norm.

With oil and carbon markets also falling, with Brent Crude and Carbon EUA benchmark contracts seeing a downside of circa 2% and 1.4% respectively.

On the LNG front, the latest shipping forecasts indicate that 5 vessels are on course to arrive at British terminals over the next two weeks.

In other news, workers at Chevrons Australian LNG facilities met with workers union Offshore Alliance late on Thursday and expressed their intention to resume strike action at the Gorgon and Wheatstone facilities.

Alliance will issue a 7-day industrial action notice to Chevron today (Monday) if workers still wish to proceed. This could have an impact on prices this coming week if the strikes go ahead.

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 06/10/2023

Overall the average price of Electricity has down by 62.33%
Overall the average price of Gas has gone down by 49.37%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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