Electricity and Gas Price Trends – 24th January 2025 to 31st January 2025


Ingrid & Anders
Please find detailed below the latest weekly update on the wholesale electricity and gas relative in the UK.

WHAT HAPPENED TO PRICES LAST WEEK ?
ELECTRICITY WHOLESALE PRICE CHANGES (£/MWh)
TERM
1 Year
24/01/2025
94.03
31/01/2025
99.74
MOVEMENT
+5.72%
TERM
2 Year
24/01/2025
86.02
31/01/2025
90.20
MOVEMENT
+4.63%

TERM
3 Year

24/01/2025
80.24

31/01/2025
83.77

MOVEMENT
+4.21%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

24/01/2025
119.898

31/01/2025
122.759

MOVEMENT
+2.33%

TERM
2 Year

24/01/2025
109.479

31/01/2025
110.68

MOVEMENT
+1.09%

TERM
3 Year

24/01/2025
100.69

31/01/2025
101.091

MOVEMENT
+0.40%
SUMMARY

Market volatility persisted at the NBP for the second consecutive week, with gains across the majority of curve pricing.

Short term supply issues were again the main area of focus with prices held in close proximity to highest we have seen in two years.

Below average continental storage levels continue to pressure the most short term prices, especially the Summer 25 front-season contract.

According to the latest data from Gas Infrastructure Europe, aggregated EU storage levels on 29th January stood at 54.65%, 16.3% below the same date last year and significantly below the 5 year moving average of 60.38%. This is raising concerns about the blocs ability to reach its 90% mandated target by 1st November, with the absence of any Russian pipeline flows over the coming summer and predominantly below average winter temperatures greatly tightening supply and demand margins.

In other news, a Scottish court ruled on Thursday that the granting of consent by the UK Government (and Ofgem) between 2022 and 2023 for the development of the Rosebank oil and Jackdaw gas fields. Each situated in different areas of the British North Sea, the courts found that they were unlawful and halted production at the two assets. With reserves estimated at 300-500 million barrels of oil, the incumbent Labour government will now have to revisit the previous administrations decisions before a conclusive answer can be given on the future of the fields.

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 31/01/2024 to 31/01/2025

Overall the average price of Electricity has gone UP by 19.94%
Overall the average price of Gas has gone UP by 28.30%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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