Electricity and Gas Price Trends – 26th April 2024 to 3rd May 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
26/04/2024
74.590
03/05/2024
76.570
MOVEMENT
+2.59%
TERM
2 Year
26/04/2024
75.800
03/05/2024
77.550
MOVEMENT
+2.26%

TERM
3 Year

26/04/2024
74.000

03/05/2024
74.990

MOVEMENT
+1.32%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

26/04/2024
84.410

03/05/2024
86.344

MOVEMENT
+2.24%

TERM
2 Year

26/04/2024
85.727

03/05/2024
87.947

MOVEMENT
+2.52%

TERM
3 Year

26/04/2024
80.901

03/05/2024
82.194

MOVEMENT
+1.57%
SUMMARY

Bullish carbon futures combined with tight supplies to drive up prices in the second part of the week.

Key contracts were propelled to their highest level since 22nd April, with a bleak LNG outlook and curtailed Norwegian output likely eroding confidence in Europe’s ability to quickly replenish storage.

On the LNG front, shipments to the UK have been sparse for several weeks now, with shipping signals suggesting that only 5 vessels have berthed at terminals since 13th April and none are scheduled to arrive over the next 7 days. According to data from National Gas, LNG send out averaged just 25mcm/d throughout Thursdays session, which was only a fraction of the 92mcm/d figure recorded for the same day last year.

Subdued Norwegian output also increased pressure with extensive planned maintenance across the NCS (Norwegian Continental Shelf) keeping pipeline exports into Great Britain’s’ Easington terminal below 30mcm/d since April 24th, hampering efforts to reinforce the UK’s relatively low storage levels (data from offshore operator Gassco).

In other news, Feedgas flows at the Texas Freeport LNG plant remain severely limited, although the operator had intended to boost output by 10% across the month of May, this now appears unlikely as only 1 of the facilities 3 liquefaction trains has been brought back online at time of writing.

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 03/05/2024

Overall the average price of Electricity has down by 111.09%
Overall the average price of Gas has gone down by 89.06%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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