Gas prices up amid unplanned maintenance

Unplanned Norwegian maintenance and a bleak LNG outlook forced gas prices up on Wednesday.

The majority of contracts posted small gains of around 0.03p/kWh when compared to their previous settlements, largely on the back of unscheduled works to the Norwegian Kollsnes facility.

According to data from offshore operator Gassco, 16.1mcm/d was taken offline during Wednesday’s session due to corrective maintenance; however, an update this morning shows works have already been partially completed.

Low levels of LNG cargoes didn’t help the situation, with the latest shipping signals indicating that no vessels are expected to berth on British shores over the coming weeks.

However, an uptick in wind generated helped to keep a lid on further gains being made. Data from National Grid shows wind-output increased by a massive 70% when compared to the previous gas day, subsequently reducing the need for CCGT (combined cycle gas turbine) offtake which fell by more than 45% when compared to the same period.

This morning gas prices have eased a little with the Winter-24 contract last traded at circa 0.03p/kWh below its previous closing price.

The UK is currently consuming 35.63 GW’s of electricity at the time of writing (10:30 – 11:00).

Wind is currently contributing 16.39 GW’s (43.50%) of the UK’s electricity generation at the time of writing. Gas is currently only having to contribute 3.24 GW’s (8.60%) of the total.

If you want to see more information on the wholesale market trends subscribe to our weekly report here.

Back to the Latest News

Our Supplier Panel

The Energy Advice Line is the UK's leading online price comparison and switching service dedicated to small and medium sized businesses in the UK.

Our online quotation engine has been designed to facilitate speedy but accurate commercial electricity and gas prices – all at the click of a button to allow you to search the market for the lowest prices from an extensive panel of suppliers and contract options.

Customers Love Us !

Say 'No' to cold calling on business energy

Unfortunately, business electricity and business gas customers in the UK are bombarded with unsolicited cold calls on a daily basis.

This unscrupulous approach does not offer the business energy customer an impartial view on the market and the price offered is more often 20-30% above the current retail price for electricity or gas.

At Energy Advice Line we strongly advise customers to not accept these offers and follow our simple steps to ensure that they are not locked into an uncompetitive contract.

Join our cold calling campaign here, and spread the word to say 'no' to cold calling on business energy!

Say No To Cold Calling on Business Energy