Electricity and Gas Price Trends – 22nd November 2024 to 29th 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
22/11/2024
92.01
29/11/2024
88.19
MOVEMENT
-4.33%
TERM
2 Year
22/11/2024
85.06
29/11/2024
82.13
MOVEMENT
-3.57%

TERM
3 Year

22/11/2024
80.26

29/11/2024
77.76

MOVEMENT
-3.22%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

22/11/2024
115.648

29/11/2024
111.374

MOVEMENT
-3.84%

TERM
2 Year

22/11/2024
105.07

29/11/2024
101.972

MOVEMENT
-3.04%

TERM
3 Year

22/11/2024
95.28

29/11/2024
92.532

MOVEMENT
-2.97%
SUMMARY

Easing geopolitical tensions and recent plentiful LNG supplies helped reduce gas prices this week.

With reports emerging early on Wednesday confirming that a 60-day ceasefire deal had been agreed between Israel and Lebanon based Hezbollah this news helped ease tensions around ongoing supply issues. The ceasefire deal ends more than one year of active conflict, with hopes that a longer term peace deal can be achieved in the meantime.

Strong LNG imports also continued to help ease pressure throughout the week, with up to 12 vessels expected at UK terminals by 14th December (National Gas and shipping data), helping to reinforce both British and EU storage levels for the winter months ahead.

Weakness on the European carbon market also likely helped with price drops across this week. According to data from ICE, the Carbon EUA benchmark contract fell by circa 1.2% on Thursday, extending losses to a cumulative 3.2% since Mondays close.

In other news, the drops could have been more significant if it not for the uncertainty surrounding fluctuating weather conditions. According to the latest 14 day model, demand is expected to frequently shift between above and below average, largely on the back of varied temperature, wind and solar conditions throughout the period.

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 29/11/2023 to 29/11/2024

Overall the average price of Electricity has down by 20.66%
Overall the average price of Gas has gone down by 8.24%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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