Mild windy weather counters geopolitical tensions

Mixed movement was observed yesterday as day ahead gas prices reacted to mild, windy weather countering geopolitical tensions.

The biggest moves were posted on the prompt, with the Day-ahead contract tumbling 0.41p/kWh when compared to its previous close.

According to data from National Grid, wind generation surged to 10.9 TWh on Wednesday, which was double that seen across the previous gas-day. This coincided with a 48% drop in gas-fired power demand and contributed to a British system that was 14mcm oversupplied on average.

It wasn’t plain sailing however with plenty of intra-day volatility, possibly due to extended Norwegian capacity restrictions. Data from offshore operator Gassco shows that unplanned maintenance combined to remove 33.3mcm throughout the gas-day, although the two outages appear to be resolved as of this morning. Lower Norwegian volumes possibly helped to prop up near curve contracts, which posted day-on-day gains of circa 0.03p/kWh.

This morning, most contracts have opened in softer territory with the Summer 24 front-season contract currently being offered circa 0.1p/kWh below its previous settlement at time of writing.

If we check the latest half hourly period today (09:30 – 10.00), 37.06% of the total electricity being generated in the UK is coming from wind generation, down from 48% on average yesterday morning. Electricity from gas currently accounts for 20.97% of generation, up from just 8% yesterday.

Subscribe to our price trends weekly report now.

Simply click here to see the latest information and subscribe to receive the latest update delivered directly to your inbox every Monday morning.

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