Electricity and Gas Price Trends – 25th October 2024 to 1st 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
25/10/2024
84.36
01/11/2024
81.33
MOVEMENT
-3.73%
TERM
2 Year
25/10/2024
80.43
01/11/2024
77.46
MOVEMENT
-3.83%

TERM
3 Year

25/10/2024
77.36

01/11/2024
74.99

MOVEMENT
-3.16%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

25/10/2024
102.604

01/11/2024
99.439

MOVEMENT
-3.18%

TERM
2 Year

25/10/2024
97.675

01/11/2024
94.360

MOVEMENT
-3.51%

TERM
3 Year

25/10/2024
94.104

01/11/2024
90.994

MOVEMENT
-3.42%
SUMMARY

An improved supply and demand outlook helped reverse some of the gains we saw last week.

Although most of the falls were seen at the front end thanks mainly to falling demand, a less pressured coal and carbon market also helped reduce longer term contract retail price levels.

The latest run of the 14-day forecast model confirms that demand will hold below seasonal norms until at least 14th November, thanks in part to milder weather conditions expected over the period.

This, together with a bearish carbon and coal market also helped keep a lid on prices. Data from ICE shows that the Carbon EUA and Rotterdam Coal European benchmarks reduced by 2.7% and 1.6% respectively mid-week, which helped reduce competitiveness across energy markets.

In other news, a steady increase in Norwegian pipeline supplies over the past few weeks likely helped front end pricing as the UK’s gas for power demand increased due to the lack of wind generation. According to data from offshore operator Gassco, Langeled pipeline exports into Easington terminal reached their highest level since 2nd April and are now at near maximum capacity.

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 01/11/2023 to 01/11/2024

Overall the average price of Electricity has down by 34.86%
Overall the average price of Gas has gone down by 27.38%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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