Electricity and Gas Price Trends – 3rd November 2023 to 10th November 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
03/11/2023
106.550
10/11/2023
108.700
MOVEMENT
+1.98%
TERM
2 Year
03/11/2023
105.350
10/11/2023
106.750
MOVEMENT
+1.31%

TERM
3 Year

03/11/2023
102.160

10/11/2023
103.650

MOVEMENT
+1.44%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

03/11/2023
126.214

10/11/2023
125.926

MOVEMENT
-0.23%

TERM
2 Year

03/11/2023
124.416

10/11/2023
123.767

MOVEMENT
-0.52%

TERM
3 Year

03/11/2023
118.091

10/11/2023
118.203

MOVEMENT
+0.09%
SUMMARY

Electricity prices are up marginally this past week, with gas staying the same, but at the time of writing, day ahead prices are heading back up on the back of higher demand and lack of wind.

According to data from National Gas, demand was forecast to increase by a considerable 8.3%, likely driven by a substantial drop in wind generation which subsequently increased the reliance on gas-fired generation by a huge 108% when compared to the earlier part of the week.

In other news, the European Parliament has approved a resolution which will close EU markets and prohibit the shipments of Russian oil and LNG exports travelling through EU territory.

The notion also looks to introduce volume caps on Russian fertilisers and ban the cutting of diamonds of Russian origin.

We expect the recent yo-yo effect seen throughout sessions in the past week to continue next week amid lots of supply issues and global tensions affecting the oil markets.

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 10/11/2023

Overall the average price of Electricity has down by 51.56%
Overall the average price of Gas has gone down by 31.80%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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