Electricity and Gas Price Trends – 5th April 2024 to 12th April 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
05/04/2024
66.650
12/04/2024
74.650
MOVEMENT
+10.72%
TERM
2 Year
05/04/2024
68.690
12/04/2024
76.400
MOVEMENT
+10.09%

TERM
3 Year

05/04/2024
68.260

12/04/2024
74.860

MOVEMENT
+8.82%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

05/04/2024
73.476

12/04/2024
83.369

MOVEMENT
+11.87%

TERM
2 Year

05/04/2024
76.733

12/04/2024
86.704

MOVEMENT
+11.50%

TERM
3 Year

05/04/2024
74.319

12/04/2024
82.597

MOVEMENT
+10.02%
SUMMARY

Growing geopolitical tensions in Ukraine and the Middle East propelled natural gas prices in the later part of the week.

Gas prices climbed throughout Thursday and Friday trading sessions with the Winter-24 contract surpassing the 90p/therm psychological barrier on Thursday and gaining almost 6p/therm (0.2p/kWh) when compared to the previous session, the largest day-on-day gain seen since 12th October 2023.

The ongoing Russian and Ukraine conflict continued to cause a lot of issues with news of Russian strikes targeting two underground gas storage facilities on Thursday, fueling supply concerns.

Additional upside could also be attributed to growing tensions in the Middle East. According to reports, Israel is preparing for a possible major attack from Iran, potentially threatening to rock oil prices further.

As a positive, high wind-output perhaps prevented further substantial gains being made. Data from National Grid shows that wind-generated power contributed more than 40% to electricity generation from Wednesday through to Friday, which subsequently reduced the reliance on CCGT (combined cycle gas turbine) offtake.

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 12/04/2024

Overall the average price of Electricity has down by 114.08%
Overall the average price of Gas has gone down by 91.91%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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