Electricity and Gas Price Trends – 1st November 2024 to 8th November 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
01/11/2024
81.33
08/11/2024
82.02
MOVEMENT
+0.84%
TERM
2 Year
01/11/2024
77.46
08/11/2024
78.15
MOVEMENT
+0.88%

TERM
3 Year

01/11/2024
74.99

08/11/2024
75.49

MOVEMENT
+0.66%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

01/11/2024
99.439

08/11/2024
100.04

MOVEMENT
+0.60%

TERM
2 Year

01/11/2024
94.360

08/11/2024
94.327

MOVEMENT
-0.03%

TERM
3 Year

01/11/2024
90.994

08/11/2024
90.797

MOVEMENT
-0.22%
SUMMARY

Falling wind output and long-term supply uncertainty reversed some of the losses made earlier in the week.

Wind output has remained consistently below average so far in November, and although gas-fired power demand fell from 55% (on Wednesday) to 47.5% of the generation mix on Thursday, low wind is expected to bolster gas for power demand over the next few days this coming week (data from National Grid).

An uncertain US supply outlook also supported the increases. The Democratic administration is reportedly expediting an environmental study that has the potential to obstruct Republican plans to increase oil and gas output, specifically new LNG exports projects.

European gas hubs will no doubt be monitoring such developments closely as LNG contributes a considerable proportion of regional supplies, with the US being the biggest exporter of the fuel.

In other news, Hurricane Rafael ‘dissolved into a low pressure system’ over the weekend after slamming into Cuba as a Category 3 storm. This means that oil and gas infrastructure along the US Gulf Coast will be able to return to full capacity more quickly than expected after operators shut down facilities last week in anticipation of the hurricane’s landfall.

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 08/11/2023 to 08/11/2024

Overall the average price of Electricity has down by 30.45%
Overall the average price of Gas has gone down by 23.65%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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