Electricity and Gas Price Trends – 15th November 2024 to 22nd November 2024


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
15/11/2024
88.55
22/11/2024
92.01
MOVEMENT
+3.76%
TERM
2 Year
15/11/2024
82.76
22/11/2024
85.06
MOVEMENT
+2.70%

TERM
3 Year

15/11/2024
78.92

22/11/2024
80.26

MOVEMENT
+1.67%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

15/11/2024
110.075

22/11/2024
115.648

MOVEMENT
+4.82%

TERM
2 Year

15/11/2024
101.216

22/11/2024
105.070

MOVEMENT
+3.67%

TERM
3 Year

15/11/2024
96.884

22/11/2024
95.280

MOVEMENT
-1.68%
SUMMARY

Wholesale prices reached yearly highs this past week with sizable gains posted across 12 an 24 month contracts.

Geopolitical instability in Eastern Europe remains a key concern for European gas-hubs. The war in Ukraine appears to be quickly escalating and the pace and unpredictability of new reports will have certainly amplified perceived future risk across the energy markets.

Demand also continued to climb well beyond seasonal norms, with data from National Gas indicating that system demand had reached circa 338mcm on Thursday, up 23mcm from the previous gas-day and almost 90mcm above the long term average for that date. However, the latest run of our 14 day model suggests that demand should ease slightly moving into next week as temperatures move back toward the typical November range.

Some good news however, with news that the UK’s current premium against its European counterparts has attracted a rapid uptick in the number of LNG vessels both signaling and arriving at British terminals. Three laden vessels have arrived this week alone, all from the USA and a further 6 vessels, comprised of American, Nigerian, Norwegian and Indian cargoes are expected to be delivered over the next 2 weeks.

In other news, the Freeport LNG export facility in Texas experienced a failure of one of its 3 liquefaction trains on Wednesday into Thursday morning. The outage lasted 11 hours and reduced the facilities ability to convert natural gas into LNG (Liquefied Natural Gas), a process that is required in order to ship gas internationally, with the US being the largest supplier to the European market.

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 22/11/2023 to 22/11/2024

Overall the average price of Electricity has down by 19.54%
Overall the average price of Gas has gone down by 6.77%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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