Electricity and Gas Price Trends – 9th February 2024 to 16th 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
09/02/2024
68.870
16/02/2024
63.730
MOVEMENT
-8.07%
TERM
2 Year
09/02/2024
69.870
16/02/2024
65.700
MOVEMENT
-6.35%

TERM
3 Year

09/02/2024
70.410

16/02/2024
66.660

MOVEMENT
-5.63%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

09/02/2024
73.547

16/02/2024
67.547

MOVEMENT
-8.88%

TERM
2 Year

09/02/2024
75.738

16/02/2024
70.458

MOVEMENT
-7.49%

TERM
3 Year

09/02/2024
75.319

16/02/2024
71.489

MOVEMENT
-5.36%
SUMMARY

Prices have eased this past week amid a healthy supply of LNG and above average temperatures.

Even with an unscheduled outage at the Norwegian Kollsnes facility on Thursday reducing available capacity by over 23mcm/day throughout the session, a healthy supply of LNG helped put a lid on potential price increases.

The latest shipping signals indicate that up to eight LNG laden vessels could berth at British terminals within the next 7 days, with the US Energy Endeavour expected to dock at Milford Haven’s South Hook No2 terminal later this afternoon..

In other news, the US House of Representatives voted on Thursday to pass legislation that would block Joe Biden’s LNG export license freeze; the proposal will now be passed up to the US Senate for a final vote.

The UK has also been experiencing a consistent level of windy weather with over 20% of the UK’s electricity being generated from wind turbines for most of the week which in turn really helped reduce the affects of the gas supply outage.

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 16/02/2024

Overall the average price of Electricity has down by 146.64%
Overall the average price of Gas has gone down by 131.46%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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