Electricity and Gas Price Trends – 2nd February 2024 to 9th 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
02/02/2024
73.210
09/02/2024
68.870
MOVEMENT
-6.30%
TERM
2 Year
02/02/2024
74.430
09/02/2024
69.870
MOVEMENT
-6.53%

TERM
3 Year

02/02/2024
74.730

09/02/2024
70.410

MOVEMENT
-6.14%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

02/02/2024
77.960

09/02/2024
73.547

MOVEMENT
-6.00%

TERM
2 Year

02/02/2024
81.213

09/02/2024
75.738

MOVEMENT
-7.23%

TERM
3 Year

02/02/2024
80.432

09/02/2024
75.319

MOVEMENT
-6.79%
SUMMARY

Prices have eased this past week amid increased wind output, a slump in carbon futures and a healthy supply of LNG.

A surge in wind generation for most of the week reduced our need to draw on gas for power. If we compare Wednesday and Thursday, data from National Grid showed that wind output saw a substantial increase of more than 250% day-on-day, subsequently reducing gas-fired power demand which decreased by circa 27% day-on-day.

Furthermore, a bearish carbon market helped reduce prices further along the curve which could be the reason for healthy drops to 24 and 36 month prices as well.

A steady flow of LNG shipments also helped prices at the front-end. The latest shipping signals indicate that up to five laden vessels could arrive on British shores by 23rd February with one vessel already arriving at Milford Havens South Hook No2 terminal on 8th February.

Additionally, an increase in gas flows from Norway helped ease prices with data from Gasso showing nominations into the St Fergus and Easington terminals increased during the week all this despite unplanned outages reducing available capacity from the Nyhamna and Troll facilities.

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 09/02/2024

Overall the average price of Electricity has down by 131.24%
Overall the average price of Gas has gone down by 115.89%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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