Electricity and Gas Price Trends – 13th August 2024 to 20th September 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
13/09/2024
78.93
20/09/2024
72.66
MOVEMENT
-8.63%
TERM
2 Year
13/09/2024
77.16
20/09/2024
72.40
MOVEMENT
-6.57%

TERM
3 Year

13/09/2024
74.64

20/09/2024
71.22

MOVEMENT
-4.80%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

13/09/2024
92.698

20/09/2024
85.445

MOVEMENT
-8.49%

TERM
2 Year

13/09/2024
90.261

20/09/2024
84.461

MOVEMENT
-6.87%

TERM
3 Year

13/09/2024
86.877

20/09/2024
82.017

MOVEMENT
-5.93%
SUMMARY

Prices fell to the lowest levels seen since the end of April amid news of continued gas transmission via Ukraine.

Exceptionally high levels of volatility was observed across the curve on Thursday, with both the front month and front season contracts shifting upwards in morning trade before plummeting by around 0.34p/kWh in the afternoon to the lowest levels seen since the end of April.

News that Ukraine could continue to transport gas after the expiration of the existing Russian Transit agreement on December 31st bolstered confidence. News outlet Ukrainska Pravda reported that Ukraine had agreed to facilitate the transportation of Azerbaijani gas to the EU in order to help increase supplies whilst reducing Moscow’s gas revenues.

Elsewhere in the world, Egyptian Prime Minister Madbouly signaled at a news conference on Thursday that domestic production should return to normal levels by Summer 2025 after the government allocated funding in next years fiscal budget to settle arrears with foreign operators along with reserves of fuel to ensure that power stations can run smoothly during periods of elevated temperatures. This should help to free up LNG capacity for the European market, after Egypt’s unprecedented purchase of 20 cargoes of the fuel for this winter due to weaker domestic output.

Much of the previous session’s losses reported above on Thursday were back pedaled on Friday following clarification that the Ukraine-Azerbaijan transit deal had not been formally agreed. The biggest moves were posted across the prompt and near-curve, with the October 24 front-month contract strengthening by circa 0.16p/kWh amid falling gas output from Norway.

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 20/09/2024

Overall the average price of Electricity has down by 123.61%
Overall the average price of Gas has gone down by 92.48%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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