Electricity and Gas Price Trends – 23rd August 2024 to 6th 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
23/08/2024
84.580
06/09/2024
81.380
MOVEMENT
-3.93%
TERM
2 Year
23/08/2024
82.500
06/09/2024
79.440
MOVEMENT
-3.85%

TERM
3 Year

23/08/2024
79.250

06/09/2024
76.500

MOVEMENT
-3.59%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

23/08/2024
99.076

06/09/2024
100.087

MOVEMENT
+1.01%

TERM
2 Year

23/08/2024
97.052

06/09/2024
97.267

MOVEMENT
+0.22%

TERM
3 Year

23/08/2024
92.657

06/09/2024
93.367

MOVEMENT
+0.76%
SUMMARY

On the whole, prices depressed further amid high storage levels and weakness across the wider energy complex.

Substantial losses of were posted across the near-curve, even as European gas hubs rode out high levels of offline Norwegian capacity. Despite maintenance on the major Norway-UK Langeled pipeline, Norwegian exports continued to enter the St Fergus terminal at a good rate.

On the storage front, the latest data shows that aggregated stock levels in the EU now stand at 92.61% which is around 6 percentage points above the 5-year moving average for that date (Gas Infrastructure Europe).

On the LNG front, despite the 3 vessels that are currently signalling to arrive at British terminals by 4th October, reports of elevated demand for the fuel in Egypt are potentially playing into supply uncertainty later in the year- ahead of winter. Although Egypt has historically been considered an energy independent country, the state-owned EGPC has reportedly signalled its intention to purchase up to 20 vessels from October, in a move that has the potential to strain availability for imports into the UK and EU later this year.

In other news, Russian President Vladimir Putin remarked on Thursday that state-owned operator Gazprom would be willing to divert EU-bound gas flows to other entry points after the Ukrainian transit agreement ends in December, thus retaining Russian export volumes. It’s unclear if the EU wishes to take Putin up on this offer however, as the bloc has been working toward diversifying away from Russian energy imports since the invasion of Ukraine back in February 2022.

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 06/09/2024

Overall the average price of Electricity has down by 103.79%
Overall the average price of Gas has gone down by 66.79%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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