Electricity and Gas Price Trends – 8th November 2024 to 15th 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
08/11/2024
82.02
15/11/2024
88.55
MOVEMENT
+7.37%
TERM
2 Year
08/11/2024
78.15
15/11/2024
82.76
MOVEMENT
+5.57%

TERM
3 Year

08/11/2024
75.49

15/11/2024
78.92

MOVEMENT
+4.35%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

08/11/2024
100.04

15/11/2024
110.075

MOVEMENT
+9.12%

TERM
2 Year

08/11/2024
94.327

15/11/2024
101.216

MOVEMENT
+6.81%

TERM
3 Year

08/11/2024
90.797

15/11/2024
96.884

MOVEMENT
+6.28%
SUMMARY

After a period of relative stability, prices rebounded at the NBP for most of last week amid potential threats to Eastern and Central European supplies coupled with falling storage levels.

Ongoing near-term supply concerns increased the pressure, with substantial gains of circa 5.5p/therm (0.19p/kWh) posted across the near-curve on Thursday with both the front-month and front-season contracts surging to levels not seen so far this year.

News broke during the week that Austria’s OMV, who won an arbitration reward totaling more than £200 million against Russia’s Gazprom earlier this year, could reclaim the sum by refusing or reducing payments to the Russian energy giant. The current transportation agreement for Russian flows via the Ukraine is set to end on December 31st but this news could serve to bring that date even closer.

There is a general consensus that payments to Gazprom’s export arm are typically due around the 20th of each month so the next few days could serve as an important gauge of how both parties intend to interact between now and the end of the year.

European storage levels are struggling to keep pace with recent years amid a sustained period of cold weather and below average wind output. According to the latest data from Gas Infrastructure Europe, EU facilities are currently at 92.1% full, which is just over 8 percentage points below the same date last year (98.29%) with current levels barely holding above the 5 year average of 91.9%.

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 15/11/2023 to 15/11/2024

Overall the average price of Electricity has down by 26.24%
Overall the average price of Gas has gone down by 16.05%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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